Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPANBut 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?
More Alan Greenspan Quotes
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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And the percentage changes in wage rates would be the same for all job grades.
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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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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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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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But rules cannot substitute for character.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN