Before I met Ayn Rand, I was a logical positivist, and accordingly,
ALAN GREENSPANAnd the percentage changes in wage rates would be the same for all job grades.
More Alan Greenspan Quotes
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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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Rules cannot take the place of character.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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This 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.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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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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Gold still represents the ultimate form of payment in the world.
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The need for values is inbred. Their content is not.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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Market financed withdrawals of home equity in recent years.
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But rules cannot substitute for character.
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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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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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The Iraq War is largely about oil.
ALAN GREENSPAN