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.
ALAN GREENSPANThe process of innovation is, of course, never ending.
More Alan Greenspan Quotes
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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…
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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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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Productivity is notoriously difficult to predict.
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Rules cannot take the place of character.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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The process of innovation is, of course, never ending.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
ALAN GREENSPAN