I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
More Alan Greenspan Quotes
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Gold still represents the ultimate form of payment in the world.
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Derivatives have permitted the unbundling of financial risks.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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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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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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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.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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What an ideology is is a conceptual framework with the way people deal with reality.
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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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Whatever you tax you get less of.
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How do we know when irrational exuberance has unduly escalated asset values?
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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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The Iraq War is largely about oil.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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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.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN