The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
ALAN GREENSPANHistory has not dealt kindly with the aftermath of protracted periods of low risk premiums.
More Alan Greenspan Quotes
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…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.
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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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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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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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The number one problem in today’s generation and economy is the lack of financial literacy.
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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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Regulation – 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.
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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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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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN