Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPANThey seem to sense… that gold and economic freedom are inseparable.
More Alan Greenspan Quotes
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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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.
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No one has ever eliminated any of that stuff.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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They seem to sense… that gold and economic freedom are inseparable.
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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.
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But rules cannot substitute for character.
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Amateurs want to be right. Professionals want to make money.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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The need for values is inbred. Their content is not.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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These days, even out of office, I still read economic reports.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
ALAN GREENSPAN