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There is no evidence that the business cycle has been repealed.

Alan Greenspan

American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
ALAN GREENSPAN

Country Economy Function Harbor Violence World
…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
ALAN GREENSPAN

Colleagues Critical Depend Marlet System Trust World
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 GREENSPAN

Anything Day Expect Must Reduce Say Talk
Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN

Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
ALAN GREENSPAN

Base Business Deal Fear Force Regulation Undermine
American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
ALAN GREENSPAN

Alternative Belief Consumer Country Great Lender might Mortgage Product Provide Traditional
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.
ALAN GREENSPAN

Competitively Immigration Income Level Process Profession Quota Support
The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
ALAN GREENSPAN

Business Competitive Economy Force Mark More Period Productive Recent Technology Transformation
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
ALAN GREENSPAN

Goad Growth Improve Mean Preventative Snoop Statics System
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?
ALAN GREENSPAN

Asset Escalate Exuberance Irrational Unduly Value
I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
ALAN GREENSPAN

Hesitate Issue Other Some Table Throw
The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN

Great Help Place Read Tub
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPAN

Competency Experience Foundation Manipulation Mathematics Numerical Understand
I’m a plain soap kind of guy.
ALAN GREENSPAN

Guy Kind Plain Soap

There is no evidence that the business cycle has been repealed.

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There is no evidence that the business cycle has been repealed.

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