Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPANIf all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
More Alan Greenspan Quotes
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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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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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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If I’ve made myself clear, I’ve misspoken.
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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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All taxes are a drag on economic growth. It’s only a question of degree.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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There are no easy choices. Easy choices are long gone.
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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.
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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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If you think you understand what I am saying you do not understand what I am saying.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN