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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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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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Deal Effect Measure Psychology Thermometer Use
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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Earning Exhibited Inflation Inverse Past Price Ratio Relationship See
This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Aftermath History Period Premium Protract Reason Risk
The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Account Awesome Enough Large Made Mistake Number
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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Absence Confiscation God Inflation Protect Save
…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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Colleagues Critical Depend Marlet System Trust World
Then fear hits, and it comes down very sharply. When I started to look at that.
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Come Down Fear Hit Look Sharply Start That
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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Ability Correct Economy Flexible Greater Inevitable More Response Self Unanticipated
What an ideology is is a conceptual framework with the way people deal with reality.
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Conceptual Del Framework Ideology People Reality
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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Clear Guess Out Particular Turn Warn You
You can’t have the capitalist system if an increasing number of people think it is unjust.
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Capitalist Increase Number People System Unjust
It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
ALAN GREENSPAN

Always Amaze Day Different Foreign Handle Next Policy Politics Subject Wife
Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Amount Available Cash Necessary Problem Should Solve Stress
All taxes are a drag on economic growth. It’s only a question of degree.
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Degree Drag Economic Growth Only Question Tax
And the percentage changes in wage rates would be the same for all job grades.
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All Change Job Percentage Rate Right Same Wage
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Develop Fiscal Path Place Policy Protection Regard Reluctance Sustainable Trade
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

Formation House Household Increase New Only Sustainable
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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Bank Equity Especially Interest Mistake Organisation Presume Self Share
The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
ALAN GREENSPAN

Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
Indeed, better risk management may be the only truly necessary element of success in banking.
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Bank Better Indeed Management Necessary Only Risk Truly
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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Country Crise Current End Financial Most Retrospect Since War Wrench
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.
ALAN GREENSPAN

Borrow Down Equity Historical Payment Significant Some Unusual Wipe
The free lunch has still to be invented.
ALAN GREENSPAN

Free Invent Lunch Still
The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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Equally High Income People Drive Those Workers

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