Market financed withdrawals of home equity in recent years.
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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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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Significantly opening up immigration to skilled workers solves two problems.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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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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These days, even out of office, I still read economic reports.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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Political decisions are never random and will always lose out to innovative alternatives.
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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.
ALAN GREENSPAN