Senator, if I seem clear to you, you must have misunderstood me’.
ALAN GREENSPANExcessive optimism sows the seeds of its own reversal.
More Alan Greenspan Quotes
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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 general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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Productivity is notoriously difficult to predict.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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We 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: ].
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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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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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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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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If you think you understand what I am saying you do not understand what I am saying.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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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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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
ALAN GREENSPAN