I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
ALAN GREENSPANAnd she always has so much fun doing it. We make a good team.
More Alan Greenspan Quotes
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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If I say something which you understand fully in this regard, I probably made a mistake.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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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.
ALAN GREENSPAN -
As long as we issue fiat currency, I see no alternative to a legal tender law.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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I’m a plain soap kind of guy.
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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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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
ALAN GREENSPAN -
If I seem unduly clear to you, you must have misunderstood what I said.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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Political decisions are never random and will always lose out to innovative alternatives.
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History cannot be reduced to a set of statistics and probabilities.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN -
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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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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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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I have long argued that paying down the national debt is beneficial for the economy.
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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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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.
ALAN GREENSPAN