The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
ALAN GREENSPANMany of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
More Alan Greenspan Quotes
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But 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?
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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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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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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If I’ve made myself clear, I’ve misspoken.
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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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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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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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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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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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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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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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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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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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They seem to sense… that gold and economic freedom are inseparable.
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The process of innovation is, of course, never ending.
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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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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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No one has ever eliminated any of that stuff.
ALAN GREENSPAN