What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPANI cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
More Alan Greenspan Quotes
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Derivatives have permitted the unbundling of financial risks.
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Excessive optimism sows the seeds of its own reversal.
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History cannot be reduced to a set of statistics and probabilities.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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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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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
ALAN GREENSPAN -
We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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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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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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And she always has so much fun doing it. We make a good team.
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And the percentage changes in wage rates would be the same for all job grades.
ALAN GREENSPAN