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 GREENSPANAmerican and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
More Alan Greenspan Quotes
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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Amateurs want to be right. Professionals want to make money.
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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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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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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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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?
ALAN GREENSPAN