I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
ALAN GREENSPANWhat an ideology is is a conceptual framework with the way people deal with reality.
More Alan Greenspan Quotes
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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All taxes are a drag on economic growth. It’s only a question of degree.
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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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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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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’.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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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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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
ALAN GREENSPAN