Amateurs want to be right. Professionals want to make money.
ALAN GREENSPANAny onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
More Alan Greenspan Quotes
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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What an ideology is is a conceptual framework with the way people deal with reality.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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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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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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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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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.
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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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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
ALAN GREENSPAN