I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
ALAN GREENSPANAnyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
More Alan Greenspan Quotes
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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Excessive optimism sows the seeds of its own reversal.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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It signals problems with respect to currency markets. Central banks should pay attention to it.
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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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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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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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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
ALAN GREENSPAN