The process of innovation is, of course, never ending.
ALAN GREENSPANIf we are dealing with psychology, then the thermometers one uses to measure it have an effect.
More Alan Greenspan Quotes
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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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.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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But rules cannot substitute for character.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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Credit-default swaps, I think, have serious problems associated with them.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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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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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN