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.
ALAN GREENSPANThis decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
More Alan Greenspan Quotes
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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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There are no easy choices. Easy choices are long gone.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Political decisions are never random and will always lose out to innovative alternatives.
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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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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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The process of innovation is, of course, never ending.
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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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If I say something which you understand fully in this regard, I probably made a mistake.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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The free lunch has still to be invented.
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Significantly opening up immigration to skilled workers solves two problems.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN