Revolutions are something you see only in retrospect.
ALAN GREENSPANWe cannot rule out a situation in which a preemptive policy tightening becomes necessary.
More Alan Greenspan Quotes
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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Whatever you tax you get less of.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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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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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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There is no evidence that the business cycle has been repealed.
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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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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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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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History cannot be reduced to a set of statistics and probabilities.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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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.
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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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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Market financed withdrawals of home equity in recent years.
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But rules cannot substitute for character.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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The need for values is inbred. Their content is not.
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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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And she always has so much fun doing it. We make a good team.
ALAN GREENSPAN