I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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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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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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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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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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The guiding purpose of the government regulator is to prevent rather than to create something.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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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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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
ALAN GREENSPAN