Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPANIt keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
More Alan Greenspan Quotes
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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What an ideology is is a conceptual framework with the way people deal with reality.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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Senator, if I seem clear to you, you must have misunderstood me’.
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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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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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Political decisions are never random and will always lose out to innovative alternatives.
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Derivatives have permitted the unbundling of financial risks.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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They seem to sense… that gold and economic freedom are inseparable.
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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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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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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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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
ALAN GREENSPAN