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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
ALAN GREENSPAN

Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value
Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
ALAN GREENSPAN

Amount Available Cash Necessary Problem Should Solve Stress
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN

Acknowledge Everyone Inconvenient Know Oil Political Saddened
I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
ALAN GREENSPAN

Appear Corner Cut Deny Manipulate Material Succeeded
We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
ALAN GREENSPAN

Bell Call Economy Evolve Financial International Rapid System Whistle
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
ALAN GREENSPAN

Abandonment Banking Credit Gold Made Possible Standard Statics System Use Welfare
Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
ALAN GREENSPAN

Disbelief Institution Interest Lend Self Shareholder Shock
The number one problem in today’s generation and economy is the lack of financial literacy.
ALAN GREENSPAN

Economy Financial Generation Lack Literacy Number Problem Today
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Event Expansion Extraordinary Far Finance Most Significant
Before I met Ayn Rand, I was a logical positivist, and accordingly,
ALAN GREENSPAN

Accordingly Before Logical Met People Positivist
The Iraq War is largely about oil.
ALAN GREENSPAN

Country Largely Oil War
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.
ALAN GREENSPAN

Bank Decline Foreclosure Housing Level National Need Significant Substantial Trigger
The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN

Elegance Feel Generation Gut Important Mathematical More Old Trader Year
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.
ALAN GREENSPAN

Crisis Finance Global Institution Neve Participant Recent Run Short Test Underscore Until

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