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.
ALAN GREENSPANI love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
More Alan Greenspan Quotes
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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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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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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Excessive optimism sows the seeds of its own reversal.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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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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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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All taxes are a drag on economic growth. It’s only a question of degree.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
ALAN GREENSPAN