Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
ALAN GREENSPANThere are no easy choices. Easy choices are long gone.
More Alan Greenspan Quotes
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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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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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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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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If I seem unduly clear to you, you must have misunderstood what I said.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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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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I have long argued that paying down the national debt is beneficial for the economy.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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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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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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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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Revolutions are something you see only in retrospect.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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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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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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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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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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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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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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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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Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN