What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPANSkilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
More Alan Greenspan Quotes
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History cannot be reduced to a set of statistics and probabilities.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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But rules cannot substitute for character.
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
ALAN GREENSPAN -
Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
ALAN GREENSPAN -
Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
ALAN GREENSPAN -
If you think you understand what I am saying you do not understand what I am saying.
ALAN GREENSPAN -
All taxes are a drag on economic growth. It’s only a question of degree.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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No one has ever eliminated any of that stuff.
ALAN GREENSPAN -
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.
ALAN GREENSPAN