Senator, if I seem clear to you, you must have misunderstood me’.
ALAN GREENSPANFear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
More Alan Greenspan Quotes
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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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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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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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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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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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Anything that we can do to raise personal savings is very much in the interest of this country.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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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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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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They seem to sense… that gold and economic freedom are inseparable.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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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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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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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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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Amateurs want to be right. Professionals want to make money.
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If I’ve made myself clear, I’ve misspoken.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Many 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.
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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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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN