The worst have failed; investors no longer fund them and are not likely to in the future.
ALAN GREENSPANWe can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
More Alan Greenspan Quotes
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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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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 have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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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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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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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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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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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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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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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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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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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPAN