The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
ALAN GREENSPANDerivatives have permitted the unbundling of financial risks.
More Alan Greenspan Quotes
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If I say something which you understand fully in this regard, I probably made a mistake.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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Excessive optimism sows the seeds of its own reversal.
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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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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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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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But rules cannot substitute for character.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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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: ].
ALAN GREENSPAN