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.
ALAN GREENSPANWithout calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
More Alan Greenspan Quotes
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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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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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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I’m a plain soap kind of guy.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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The need for values is inbred. Their content is not.
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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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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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But rules cannot substitute for character.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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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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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
ALAN GREENSPAN