By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPANCapitalism 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.
More Alan Greenspan Quotes
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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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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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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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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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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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.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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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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Amateurs want to be right. Professionals want to make money.
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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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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.
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The need for values is inbred. Their content is not.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPAN