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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.

Alan Greenspan

What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
Gold stands in the way of this insidious process. It stands as a protector of property rights.
ALAN GREENSPAN

Gold Insidious Process Properly Right Stand
Whatever you tax you get less of.
ALAN GREENSPAN

Economy Less Tax
I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
ALAN GREENSPAN

Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
ALAN GREENSPAN

Deny Monoply Nature Need Readily Resolve Terrible Thing
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.
ALAN GREENSPAN

Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
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.
ALAN GREENSPAN

Failure Finance Leverage Nature Significantly Unless Very
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.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Exist Extend Favor General Government Sell Something
Senator, if I seem clear to you, you must have misunderstood me’.
ALAN GREENSPAN

Clear Misunderstood Seem Senator
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical
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.
ALAN GREENSPAN

Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN

Almost Came Deficit Destabilize Chronic Realization Stark Surplus
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.
ALAN GREENSPAN

Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue
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.
ALAN GREENSPAN

Better Built Decade Example Financial Market Mousetrap People

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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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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