Whatever you tax you get less of.
ALAN GREENSPANThe probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
More Alan Greenspan Quotes
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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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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’m a plain soap kind of guy.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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…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.
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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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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Derivatives have permitted the unbundling of financial risks.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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What an ideology is is a conceptual framework with the way people deal with reality.
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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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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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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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Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
ALAN GREENSPAN