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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.

Alan Greenspan

Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
ALAN GREENSPAN

Competition Country Force Shied Shortage Skill
Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN

Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
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

Ability Correct Economy Flexible Greater Inevitable More Response Self Unanticipated
There are no easy choices. Easy choices are long gone.
ALAN GREENSPAN

Choice Easy Gone Long No
What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
These days, even out of office, I still read economic reports.
ALAN GREENSPAN

Day Economic Office Out Read Report
While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
ALAN GREENSPAN

Accelerate Circumstance Dramatic Economic Innovation Offer Return Tendency Train
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.
ALAN GREENSPAN

Develop Fiscal Path Place Policy Protection Regard Reluctance Sustainable Trade
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.
ALAN GREENSPAN

Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
ALAN GREENSPAN

Capitalism Condition Crony Essentially Favour Private Public
I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
ALAN GREENSPAN

End Free Manner Money Policy Possible Think
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
ALAN GREENSPAN

Deal Effect Measure Psychology Thermometer Use
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical
The free lunch has still to be invented.
ALAN GREENSPAN

Free Invent Lunch Still

Regulators have not been able to achieve the level of future clarity required to act pre-emptively.

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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.

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