Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPANIndeed, better risk management may be the only truly necessary element of success in banking.
More Alan Greenspan Quotes
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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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…
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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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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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And the percentage changes in wage rates would be the same for all job grades.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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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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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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And she always has so much fun doing it. We make a good team.
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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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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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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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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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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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No one has ever eliminated any of that stuff.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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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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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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Market financed withdrawals of home equity in recent years.
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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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There are no easy choices. Easy choices are long gone.
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Credit-default swaps, I think, have serious problems associated with them.
ALAN GREENSPAN