Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
ALAN GREENSPANI am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
More Alan Greenspan Quotes
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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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History cannot be reduced to a set of statistics and probabilities.
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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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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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Market financed withdrawals of home equity in recent years.
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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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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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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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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.
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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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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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I’m a plain soap kind of guy.
ALAN GREENSPAN