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History demonstrates that participants in financial markets are susceptible to waves of optimism.

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Demonstrate Excessive Financial History Optimism Particular Wave

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
ALAN GREENSPAN

Detective Economy Fact Follow Love Piece Story Together
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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Bank Equity Especially Interest Mistake Organisation Presume Self Share
Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Consensus Cut Fiscal Irresponsible Policy Tax Trigger View
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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Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
No one has ever eliminated any of that stuff.
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Eliminate No One Stuff
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.
ALAN GREENSPAN

Amateur Average Band Big Fade Fairy Good Musician Professional
Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
ALAN GREENSPAN

Borrow Down Equity Historical Payment Significant Some Unusual Wipe
Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
ALAN GREENSPAN

Anyone Barred Country President Will Required
While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
ALAN GREENSPAN

Accelerate Circumstance Dramatic Economic Innovation Offer Return Tendency Train
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

Asset Escalate Exuberance Irrational Unduly Value
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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Competition Country Force Shied Shortage Skill
There is no evidence that the business cycle has been repealed.
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Business Cycle Evidence Repeat
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Aftermath Dealt History Period Premium Protracted Risk
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Antagonism Difficulty Gold Grasp Standard Statistic Understanding
I have long argued that paying down the national debt is beneficial for the economy.
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Beneficial Debt Down Economy Long National Pay

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