We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
ALAN GREENSPANRules cannot take the place of character.
More Alan Greenspan Quotes
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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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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The guiding purpose of the government regulator is to prevent rather than to create something.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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Significantly opening up immigration to skilled workers solves two problems.
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But rules cannot substitute for character.
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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.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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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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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN -
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN