The number of mistakes I have made are just awesome. There is no number large enough to account for that.
ALAN GREENSPANBut rules cannot substitute for character.
More Alan Greenspan Quotes
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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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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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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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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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Greenspan, who knew so much more than most, knew far less than most supposed.
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The free lunch has still to be invented.
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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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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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The need for values is inbred. Their content is not.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
ALAN GREENSPAN