Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
ALAN GREENSPANWhen trust is lost, a nation’s ability to transact business is palpably undermined.
More Alan Greenspan Quotes
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How do we know when irrational exuberance has unduly escalated asset values?
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If you think you understand what I am saying you do not understand what I am saying.
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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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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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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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I have long argued that paying down the national debt is beneficial for the economy.
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Rules cannot take the place of character.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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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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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.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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Credit-default swaps, I think, have serious problems associated with them.
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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