The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPANWe need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
More Alan Greenspan Quotes
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Credit-default swaps, I think, have serious problems associated with them.
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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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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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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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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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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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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 found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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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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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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Significantly opening up immigration to skilled workers solves two problems.
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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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The free lunch has still to be invented.
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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.
ALAN GREENSPAN






