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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.

Alan Greenspan

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.
ALAN GREENSPAN

Cannot Cause Far Forecast Future Go People Realize Probability
If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN

Clear Misunderstood Must Said Seen Unduly
Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
ALAN GREENSPAN

Central Cloud Country Number Outlook Projection Tendency Uncertain
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Exist Extend Favor General Government Sell Something
Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
ALAN GREENSPAN

Amount Available Cash Necessary Problem Should Solve Stress
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 GREENSPAN

Cannot Conceive Cut Deficit Economy Harm Overdo Overdue Political Realistic Solution
The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN

Great Help Place Read Tub
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Event Expansion Extraordinary Far Finance Most Significant
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.
ALAN GREENSPAN

Basic Communication Education Foundation Importance Learn Solid Soon Succeed
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.
ALAN GREENSPAN

Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
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.
ALAN GREENSPAN

Bell Call Economy Evolve Financial International Rapid System Whistle
Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
ALAN GREENSPAN

Ability Ambiguous Decision Dominate Enhance Financial Making Person Quantitative Relationship
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
ALAN GREENSPAN

Country Economy Function Harbor Violence World
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPAN

Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
ALAN GREENSPAN

Excessive Grow Over Own Reversal Seed Show Time
We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
ALAN GREENSPAN

Necessary Out Policy Preëmptive Rule Situation Tight
…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
ALAN GREENSPAN

Colleagues Critical Depend Marlet System Trust World
The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
ALAN GREENSPAN

Formation House Household Increase New Only Sustainable
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
I’m a plain soap kind of guy.
ALAN GREENSPAN

Guy Kind Plain Soap
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.
ALAN GREENSPAN

Bank Decline Foreclosure Housing Level National Need Significant Substantial Trigger
Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
ALAN GREENSPAN

Against Always Any Believe Fraud Law Need Probably
Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
ALAN GREENSPAN

Currency Dollar Evidence Gold Look Premier Remember Still
We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
ALAN GREENSPAN

Benefit Cash Guarantee Like Power Purchase

If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.

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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.

Related Topics

Popular Authors

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