Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
ALAN GREENSPANI’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.
More Alan Greenspan Quotes
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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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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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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The tub helps me relax, and it’s a great place to read.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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No one has ever eliminated any of that stuff.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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Credit-default swaps, I think, have serious problems associated with them.
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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