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 GREENSPANI didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
More Alan Greenspan Quotes
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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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.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Revolutions are something you see only in retrospect.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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And she always has so much fun doing it. We make a good team.
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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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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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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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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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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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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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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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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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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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Amateurs want to be right. Professionals want to make money.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN