Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPANThe recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
More Alan Greenspan Quotes
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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There is no evidence that the business cycle has been repealed.
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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.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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Credit-default swaps, I think, have serious problems associated with them.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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If you think you understand what I am saying you do not understand what I am saying.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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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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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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You can’t have the capitalist system if an increasing number of people think it is unjust.
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And she always has so much fun doing it. We make a good team.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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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.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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If I’ve made myself clear, I’ve misspoken.
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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.
ALAN GREENSPAN