If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
ALAN GREENSPANAnd the percentage changes in wage rates would be the same for all job grades.
More Alan Greenspan Quotes
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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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Amateurs want to be right. Professionals want to make money.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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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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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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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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Rules cannot take the place of character.
ALAN GREENSPAN -
If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN -
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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Derivatives have permitted the unbundling of financial risks.
ALAN GREENSPAN -
I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
ALAN GREENSPAN -
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN