Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
ALAN GREENSPAN
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
More Alan Greenspan Quotes
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Whatever you tax you get less of.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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.
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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.
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But rules cannot substitute for character.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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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