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 GREENSPANExcessive optimism sows the seeds of its own reversal.
More Alan Greenspan Quotes
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Gold still represents the ultimate form of payment in the world.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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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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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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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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But rules cannot substitute for character.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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If you think you understand what I am saying you do not understand what I am saying.
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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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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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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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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
ALAN GREENSPAN