There are no easy choices. Easy choices are long gone.
ALAN GREENSPANWhile local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
More Alan Greenspan Quotes
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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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…
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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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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No one has ever eliminated any of that stuff.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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Credit-default swaps, I think, have serious problems associated with them.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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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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They seem to sense… that gold and economic freedom are inseparable.
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These days, even out of office, I still read economic reports.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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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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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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But rules cannot substitute for character.
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Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPAN