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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…

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Application Approach Derivative Grow More Relate Sophisticate Use

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

The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN

Elegance Feel Generation Gut Important Mathematical More Old Trader Year
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
The free lunch has still to be invented.
ALAN GREENSPAN

Free Invent Lunch Still
The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
ALAN GREENSPAN

Failure Finance Leverage Nature Significantly Unless Very
If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
ALAN GREENSPAN

Action Allow Freedom Terrorism Undermine
They seem to sense… that gold and economic freedom are inseparable.
ALAN GREENSPAN

Economic Freedom Gold Inseparable See Sense
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
ALAN GREENSPAN

Appear Corner Cut Deny Manipulate Material Succeeded
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
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.
ALAN GREENSPAN

Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue
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
When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPAN

Ability Business Loss Nation Palpably Transact Trust Undermined
There is no evidence that the business cycle has been repealed.
ALAN GREENSPAN

Business Cycle Evidence Repeat
Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
ALAN GREENSPAN

Anyone Barred Country President Will Required
I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
ALAN GREENSPAN

Hesitate Issue Other Some Table Throw
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
Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
ALAN GREENSPAN

Consider Distribution Economy Future Likely Outcome Path Possible
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
ALAN GREENSPAN

Deserve End Lose Neither Power Principle Republication Swap
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
The number of mistakes I have made are just awesome. There is no number large enough to account for that.
ALAN GREENSPAN

Account Awesome Enough Large Made Mistake Number
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
ALAN GREENSPAN

Country Economy Function Harbor Violence World
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPAN

Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
ALAN GREENSPAN

Better Change Come Credit Difficult Economy Extend Find Firm Lag Need Number Small Turn
Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

Bank Better Indeed Management Necessary Only Risk Truly
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPAN

Clarinet Fact More Occasionally Pay Piano Sax
I have long argued that paying down the national debt is beneficial for the economy.
ALAN GREENSPAN

Beneficial Debt Down Economy Long National Pay

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