When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPANThe 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.
More Alan Greenspan Quotes
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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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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If I seem unduly clear to you, you must have misunderstood what I said.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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The Iraq War is largely about oil.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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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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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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The process of innovation is, of course, never ending.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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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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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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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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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.
ALAN GREENSPAN