The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
ALAN GREENSPANThe need for values is inbred. Their content is not.
More Alan Greenspan Quotes
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I’m a better economist than I was a sax player.
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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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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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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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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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Excessive optimism sows the seeds of its own reversal.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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No one has ever eliminated any of that stuff.
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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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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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The process of innovation is, of course, never ending.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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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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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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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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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 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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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN