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You can’t have the capitalist system if an increasing number of people think it is unjust.

Alan Greenspan

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

Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
ALAN GREENSPAN

Caution During Especially Past Price Regard Rise Sharp Two Warranted 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
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.
ALAN GREENSPAN

Continue Go Higher Market More Stock
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute
The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
ALAN GREENSPAN

Able Content Leave Measure Own Succeeded True
We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
ALAN GREENSPAN

Earning Exhibited Inflation Inverse Past Price Ratio Relationship See
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.
ALAN GREENSPAN

Hesitate Issue Other Some Table Throw
I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
ALAN GREENSPAN

Baseball Listen Love Music Olf Play Redskin Root Tennis
Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
ALAN GREENSPAN

Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue
The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
ALAN GREENSPAN

Equally High Income People Drive Those Workers
I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
ALAN GREENSPAN

Always Amaze Day Different Foreign Handle Next Policy Politics Subject Wife
As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN

Alternative Currency Issue Law Legal Long Tender
Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPAN

Dominant Euphoria Fear Force Many Multiply Size
It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
ALAN GREENSPAN

Function Human Keep Minimum Nature Regrettably Successful

You can’t have the capitalist system if an increasing number of people think it is unjust.

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You can’t have the capitalist system if an increasing number of people think it is unjust.

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