I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
ALAN GREENSPANWe ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
More Alan Greenspan Quotes
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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How do we know when irrational exuberance has unduly escalated asset values?
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If you think you understand what I am saying you do not understand what I am saying.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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If I’ve made myself clear, I’ve misspoken.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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All taxes are a drag on economic growth. It’s only a question of degree.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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Productivity is notoriously difficult to predict.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
ALAN GREENSPAN