When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPANIndeed, better risk management may be the only truly necessary element of success in banking.
More Alan Greenspan Quotes
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Gold still represents the ultimate form of payment in the world.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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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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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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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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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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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.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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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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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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All taxes are a drag on economic growth. It’s only a question of degree.
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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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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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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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There is no evidence that the business cycle has been repealed.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
ALAN GREENSPAN