Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPANClearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
More Alan Greenspan Quotes
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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There are no easy choices. Easy choices are long gone.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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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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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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Amateurs want to be right. Professionals want to make money.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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I have long argued that paying down the national debt is beneficial for the economy.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN