They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPANHistory cannot be reduced to a set of statistics and probabilities.
More Alan Greenspan Quotes
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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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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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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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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The Iraq War is largely about oil.
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But rules cannot substitute for character.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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And she always has so much fun doing it. We make a good team.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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I’m a plain soap kind of guy.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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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.
ALAN GREENSPAN