In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
ALAN GREENSPANThe 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.
More Alan Greenspan Quotes
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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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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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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I have long argued that paying down the national debt is beneficial for the economy.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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There is no evidence that the business cycle has been repealed.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
ALAN GREENSPAN