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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
ALAN GREENSPAN

Against Always Any Believe Fraud Law Need Probably
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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Confront Expectation Frightened Lack Problem Regulation Unrealistic
When trust is lost, a nation’s ability to transact business is palpably undermined.
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Ability Business Loss Nation Palpably Transact Trust Undermined
Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPAN

Escalate Exuberance Irrational Unduly Value
It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
ALAN GREENSPAN

Boost Finance Free Income Increase Interest Keep Lower Productive Rate Real Saving
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
ALAN GREENSPAN

Function Human Keep Minimum Nature Regrettably Successful
In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
ALAN GREENSPAN

Competitively Immigration Income Level Process Profession Quota Support
The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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Ability Correct Economy Flexible Greater Inevitable More Response Self Unanticipated
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Develop Fiscal Path Place Policy Protection Regard Reluctance Sustainable Trade
It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
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.
ALAN GREENSPAN

Already Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute

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