It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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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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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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I have long argued that paying down the national debt is beneficial for the economy.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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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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You can’t have the capitalist system if an increasing number of people think it is unjust.
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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.
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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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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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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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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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Amateurs want to be right. Professionals want to make money.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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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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I 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.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Revolutions are something you see only in retrospect.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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All taxes are a drag on economic growth. It’s only a question of degree.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
ALAN GREENSPAN