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.
ALAN GREENSPANThe United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
More Alan Greenspan Quotes
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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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How do we know when irrational exuberance has unduly escalated asset values?
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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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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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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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I’m a better economist than I was a sax player.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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Credit-default swaps, I think, have serious problems associated with them.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Whatever you tax you get less of.
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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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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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All taxes are a drag on economic growth. It’s only a question of degree.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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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?
ALAN GREENSPAN