Skilled 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.
ALAN GREENSPANI guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
More Alan Greenspan Quotes
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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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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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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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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Excessive optimism sows the seeds of its own reversal.
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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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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
ALAN GREENSPAN -
I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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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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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.
ALAN GREENSPAN