Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
ALAN GREENSPANI have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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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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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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If I’ve made myself clear, I’ve misspoken.
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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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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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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.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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But rules cannot substitute for character.
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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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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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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The tub helps me relax, and it’s a great place to read.
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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.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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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.
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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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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
ALAN GREENSPAN