In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPANThose of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
More Alan Greenspan Quotes
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If I seem unduly clear to you, you must have misunderstood what I said.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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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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Market financed withdrawals of home equity in recent years.
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All taxes are a drag on economic growth. It’s only a question of degree.
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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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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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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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There are no easy choices. Easy choices are long gone.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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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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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.
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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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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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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Derivatives have permitted the unbundling of financial risks.
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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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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If I say something which you understand fully in this regard, I probably made a mistake.
ALAN GREENSPAN