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.
ALAN GREENSPANI have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
More Alan Greenspan Quotes
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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No one has ever eliminated any of that stuff.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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History cannot be reduced to a set of statistics and probabilities.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Excessive optimism sows the seeds of its own reversal.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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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.
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
ALAN GREENSPAN