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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.

Alan Greenspan

The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN

Coin Consecutive Head Investor Million Percent Pick Probably Stock Ten Tosser
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.
ALAN GREENSPAN

Failure Finance Leverage Nature Significantly Unless Very
Gold stands in the way of this insidious process. It stands as a protector of property rights.
ALAN GREENSPAN

Gold Insidious Process Properly Right Stand
What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN

Clear Made Misspken Myself
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPAN

Clarinet Fact More Occasionally Pay Piano Sax
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN

Creative Destructive Enormous Stage List Yet
Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
ALAN GREENSPAN

Amount Available Cash Necessary Problem Should Solve Stress
…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
ALAN GREENSPAN

Colleagues Critical Depend Marlet System Trust World
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.
ALAN GREENSPAN

Base Business Deal Fear Force Regulation Undermine
The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
ALAN GREENSPAN

Equally High Income People Drive Those Workers
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.
ALAN GREENSPAN

Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
ALAN GREENSPAN

Baseball Listen Love Music Olf Play Redskin Root Tennis
I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
ALAN GREENSPAN

Always Amaze Day Different Foreign Handle Next Policy Politics Subject Wife
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

Goad Growth Improve Mean Preventative Snoop Statics System
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’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical

Regulators have not been able to achieve the level of future clarity required to act pre-emptively.

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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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