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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.

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Decade Development During Event Expansion Extraordinary Far Finance Most Significant

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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
ALAN GREENSPAN

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Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
ALAN GREENSPAN

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Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPAN

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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
ALAN GREENSPAN

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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

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

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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.
ALAN GREENSPAN

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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.
ALAN GREENSPAN

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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
ALAN GREENSPAN

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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

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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.
ALAN GREENSPAN

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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.
ALAN GREENSPAN

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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.
ALAN GREENSPAN

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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

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

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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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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
ALAN GREENSPAN

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And she always has so much fun doing it. We make a good team.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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And the percentage changes in wage rates would be the same for all job grades.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN

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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

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