Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPANNo one has ever eliminated any of that stuff.
More Alan Greenspan Quotes
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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What an ideology is is a conceptual framework with the way people deal with reality.
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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I’m a plain soap kind of guy.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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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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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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I’m a better economist than I was a sax player.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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History cannot be reduced to a set of statistics and probabilities.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN