[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
ALAN GREENSPANRegulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
More Alan Greenspan Quotes
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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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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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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Senator, if I seem clear to you, you must have misunderstood me’.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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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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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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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 we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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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…
ALAN GREENSPAN