We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Market financed withdrawals of home equity in recent years.
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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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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.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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No one has ever eliminated any of that stuff.
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What an ideology is is a conceptual framework with the way people deal with reality.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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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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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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Rules cannot take the place of character.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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All taxes are a drag on economic growth. It’s only a question of degree.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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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.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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These days, even out of office, I still read economic reports.
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I’m a plain soap kind of guy.
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If you think you understand what I am saying you do not understand what I am saying.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
ALAN GREENSPAN