The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
ALAN GREENSPANThe process of innovation is, of course, never ending.
More Alan Greenspan Quotes
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These days, even out of office, I still read economic reports.
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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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Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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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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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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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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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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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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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.
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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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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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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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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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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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And she always has so much fun doing it. We make a good team.
ALAN GREENSPAN