Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPANWhen trust is lost, a nation’s ability to transact business is palpably undermined.
More Alan Greenspan Quotes
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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There is no evidence that the business cycle has been repealed.
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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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And the percentage changes in wage rates would be the same for all job grades.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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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Revolutions are something you see only in retrospect.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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These days, even out of office, I still read economic reports.
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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.
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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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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
ALAN GREENSPAN