Senator, if I seem clear to you, you must have misunderstood me’.
ALAN GREENSPANThe problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
More Alan Greenspan Quotes
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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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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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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Excessive optimism sows the seeds of its own reversal.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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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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If I seem unduly clear to you, you must have misunderstood what I said.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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History cannot be reduced to a set of statistics and probabilities.
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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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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 you think you understand what I am saying you do not understand what I am saying.
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The Iraq War is largely about oil.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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These days, even out of office, I still read economic reports.
ALAN GREENSPAN