If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
ALAN GREENSPANBut 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?
More Alan Greenspan Quotes
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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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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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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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Indeed, better risk management may be the only truly necessary element of success in banking.
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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 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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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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Political decisions are never random and will always lose out to innovative alternatives.
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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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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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If I’ve made myself clear, I’ve misspoken.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
ALAN GREENSPAN






