Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
ALAN GREENSPANRegulators have not been able to achieve the level of future clarity required to act pre-emptively.
More Alan Greenspan Quotes
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The Iraq War is largely about oil.
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I have long argued that paying down the national debt is beneficial for the economy.
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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 as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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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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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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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.
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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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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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If I say something which you understand fully in this regard, I probably made a mistake.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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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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Excessive optimism sows the seeds of its own reversal.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Amateurs want to be right. Professionals want to make money.
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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If I’ve made myself clear, I’ve misspoken.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
ALAN GREENSPAN