At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
ALAN GREENSPANGold stands in the way of this insidious process. It stands as a protector of property rights.
More Alan Greenspan Quotes
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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Excessive optimism sows the seeds of its own reversal.
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Significantly opening up immigration to skilled workers solves two problems.
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Senator, if I seem clear to you, you must have misunderstood me’.
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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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When trust is lost, a nation’s ability to transact business is palpably undermined.
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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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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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Derivatives have permitted the unbundling of financial risks.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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Whatever you tax you get less of.
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Market financed withdrawals of home equity in recent years.
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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 guiding purpose of the government regulator is to prevent rather than to create something.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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History cannot be reduced to a set of statistics and probabilities.
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Credit-default swaps, I think, have serious problems associated with them.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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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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Greenspan, who knew so much more than most, knew far less than most supposed.
ALAN GREENSPAN