We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
ALAN GREENSPANRegulation – 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.
More Alan Greenspan Quotes
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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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Revolutions are something you see only in retrospect.
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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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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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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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Market financed withdrawals of home equity in recent years.
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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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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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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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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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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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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.
ALAN GREENSPAN