The number of mistakes I have made are just awesome. There is no number large enough to account for that.
ALAN GREENSPANThe number one problem in today’s generation and economy is the lack of financial literacy.
More Alan Greenspan Quotes
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Derivatives have permitted the unbundling of financial risks.
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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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There is no evidence that the business cycle has been repealed.
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The Iraq War is largely about oil.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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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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What an ideology is is a conceptual framework with the way people deal with reality.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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Rules cannot take the place of character.
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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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I’m a better economist than I was a sax player.
ALAN GREENSPAN