It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPANBy 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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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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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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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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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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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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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?
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Significantly opening up immigration to skilled workers solves two problems.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
ALAN GREENSPAN