The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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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All taxes are a drag on economic growth. It’s only a question of degree.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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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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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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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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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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Significantly opening up immigration to skilled workers solves two problems.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN