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
ALAN GREENSPANThere is no evidence that the business cycle has been repealed.
More Alan Greenspan Quotes
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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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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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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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Political decisions are never random and will always lose out to innovative alternatives.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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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 have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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There is no evidence that the business cycle has been repealed.
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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 free lunch has still to be invented.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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And the percentage changes in wage rates would be the same for all job grades.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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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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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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How do we know when irrational exuberance has unduly escalated asset values?
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Indeed, better risk management may be the only truly necessary element of success in banking.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
ALAN GREENSPAN