Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPANThe worst have failed; investors no longer fund them and are not likely to in the future.
More Alan Greenspan Quotes
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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.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Amateurs want to be right. Professionals want to make money.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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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.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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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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I’m a better economist than I was a sax player.
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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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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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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Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN