I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
ALAN GREENSPANRegulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
More Alan Greenspan Quotes
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Whatever you tax you get less of.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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I have long argued that paying down the national debt is beneficial for the economy.
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There is no evidence that the business cycle has been repealed.
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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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Rules cannot take the place of character.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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If you think you understand what I am saying you do not understand what I am saying.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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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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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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When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPAN