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.
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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These days, even out of office, I still read economic reports.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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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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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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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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If I say something which you understand fully in this regard, I probably made a mistake.
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They seem to sense… that gold and economic freedom are inseparable.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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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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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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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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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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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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Any 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.
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Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN