The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
ALAN GREENSPANRegulators have not been able to achieve the level of future clarity required to act pre-emptively.
More Alan Greenspan Quotes
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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The need for values is inbred. Their content is not.
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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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’m a better economist than I was a sax player.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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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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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.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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Rules cannot take the place of character.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
ALAN GREENSPAN