I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPANWe may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
More Alan Greenspan Quotes
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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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The guiding purpose of the government regulator is to prevent rather than to create something.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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Political decisions are never random and will always lose out to innovative alternatives.
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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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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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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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If I’ve made myself clear, I’ve misspoken.
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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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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Gold still represents the ultimate form of payment in the world.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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But rules cannot substitute for character.
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I’m a better economist than I was a sax player.
ALAN GREENSPAN