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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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Already Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness

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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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Fail Future Investor Likely Longer Worst
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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Borrow Down Equity Historical Payment Significant Some Unusual Wipe
Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
ALAN GREENSPAN

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I have long argued that paying down the national debt is beneficial for the economy.
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Beneficial Debt Down Economy Long National Pay
I’m a plain soap kind of guy.
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Guy Kind Plain Soap
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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Absence Confiscation God Inflation Protect Save
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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Cannot Cause Far Forecast Future Go People Realize Probability
But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Come Exploit Material Other Possible Satisfy Success
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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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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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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Credit-default swaps, I think, have serious problems associated with them.
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History cannot be reduced to a set of statistics and probabilities.
ALAN GREENSPAN

History Probability Reduce Set Statics
At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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