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.
ALAN GREENSPANAny informed borrower is simply less vulnerable to fraud and abuse.
More Alan Greenspan Quotes
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If I say something which you understand fully in this regard, I probably made a mistake.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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No one has ever eliminated any of that stuff.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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They seem to sense… that gold and economic freedom are inseparable.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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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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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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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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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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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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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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The process of innovation is, of course, never ending.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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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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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN