Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPANHistory cannot be reduced to a set of statistics and probabilities.
More Alan Greenspan Quotes
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And the percentage changes in wage rates would be the same for all job grades.
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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’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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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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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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I’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.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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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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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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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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 arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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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And she always has so much fun doing it. We make a good team.
ALAN GREENSPAN