Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
ALAN GREENSPANAs long as we issue fiat currency, I see no alternative to a legal tender law.
More Alan Greenspan Quotes
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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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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These days, even out of office, I still read economic reports.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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The Iraq War is largely about oil.
ALAN GREENSPAN