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Excessive optimism sows the seeds of its own reversal.

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Excessive Optimism Retrospect Something

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
If prices go down, we will have problems – problems in the sense of spillover to other areas.
ALAN GREENSPAN

Area Other Price Problem Spillover
The process of innovation is, of course, never ending.
ALAN GREENSPAN

Course Ending Innovation never Process
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
ALAN GREENSPAN

Economic Knowledge Preeminent Remain Transform Value
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPAN

Competency Experience Foundation Manipulation Mathematics Numerical Understand
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.
ALAN GREENSPAN

Hesitate Issue Other Some Table Throw
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
ALAN GREENSPAN

Characteristics Corruption Embezzlement Everywhere Exist Regrettably
The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
ALAN GREENSPAN

Confront Expectation Frightened Lack Problem Regulation Unrealistic
All taxes are a drag on economic growth. It’s only a question of degree.
ALAN GREENSPAN

Degree Drag Economic Growth Only Question Tax
These days, even out of office, I still read economic reports.
ALAN GREENSPAN

Day Economic Office Out Read Report
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
ALAN GREENSPAN

Anything Day Expect Must Reduce Say Talk
So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN

Boost Different Process Rate Reason Suspect
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
ALAN GREENSPAN

Excessive Grow Over Own Reversal Seed Show Time
If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
ALAN GREENSPAN

Deal Effect Measure Psychology Thermometer Use
If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN

Clear Made Misspken Myself
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPAN

Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
ALAN GREENSPAN

Absence Confiscation Good Inflation Protect Saving Standard
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
ALAN GREENSPAN

Create Foreigner Job Little Lose Protectionism Retaliate Surely
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.
ALAN GREENSPAN

Formation House Household Increase New Only Sustainable
We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
ALAN GREENSPAN

Earning Exhibited Inflation Inverse Past Price Ratio Relationship See
History cannot be reduced to a set of statistics and probabilities.
ALAN GREENSPAN

History Probability Reduce Set Statics
I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
ALAN GREENSPAN

Federal Reserve Initiation Market Pressure Themselves Think
Rules cannot take the place of character.
ALAN GREENSPAN

Character Place Rule
Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
ALAN GREENSPAN

Disbelief Institution Interest Lend Self Shareholder Shock
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.
ALAN GREENSPAN

Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue

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