Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPANAll taxes are a drag on economic growth. It’s only a question of degree.
More Alan Greenspan Quotes
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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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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What an ideology is is a conceptual framework with the way people deal with reality.
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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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.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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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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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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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.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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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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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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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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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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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPAN