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The worst have failed; investors no longer fund them and are not likely to in the future.

Alan Greenspan

Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
ALAN GREENSPAN

Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
ALAN GREENSPAN

Adequate Ago Buffer Decline Deep Home One Piece Purchase Residence Year
There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
Before I met Ayn Rand, I was a logical positivist, and accordingly,
ALAN GREENSPAN

Accordingly Before Logical Met People Positivist
This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
ALAN GREENSPAN

Better Built Decade Example Financial Market Mousetrap People
And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
ALAN GREENSPAN

Destruction Mass Over Publicize Weapon Whatever
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN

Acknowledge Country Inconvenient Large Saddened
I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
ALAN GREENSPAN

Belief Context Dramatical General Growth Institution Market Occur Risk Structure
I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
ALAN GREENSPAN

Hesitate Issue Other Some Table Throw
If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
ALAN GREENSPAN

Economic Knowledge Preeminent Remain Transform Value
But material success is possible in this world and far more satisfying when it comes without exploiting others.
ALAN GREENSPAN

Come Exploit Material Other Possible Satisfy Success
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
ALAN GREENSPAN

Country Economy Function Harbor Violence World
Amateurs want to be right. Professionals want to make money.
ALAN GREENSPAN

Amateur Money Professional Right
It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
ALAN GREENSPAN

Benefit Deregulation Hard Important Look Overemphasize True Year

The worst have failed; investors no longer fund them and are not likely to in the future.

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The worst have failed; investors no longer fund them and are not likely to in the future.

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