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.
ALAN GREENSPANHistory cannot be reduced to a set of statistics and probabilities.
More Alan Greenspan Quotes
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPAN -
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’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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No one has ever eliminated any of that stuff.
ALAN GREENSPAN -
American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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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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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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These days, even out of office, I still read economic reports.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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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.
ALAN GREENSPAN