I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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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The number one problem in today’s generation and economy is the lack of financial literacy.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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Amateurs want to be right. Professionals want to make money.
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I’m a better economist than I was a sax player.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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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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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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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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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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Credit-default swaps, I think, have serious problems associated with them.
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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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Revolutions are something you see only in retrospect.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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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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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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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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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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