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.
ALAN GREENSPANThe gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
More Alan Greenspan Quotes
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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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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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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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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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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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What an ideology is is a conceptual framework with the way people deal with reality.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
ALAN GREENSPAN