The process of innovation is, of course, never ending.
ALAN GREENSPANIt’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
More Alan Greenspan Quotes
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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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.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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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
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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.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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What an ideology is is a conceptual framework with the way people deal with reality.
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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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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
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Derivatives have permitted the unbundling of financial risks.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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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.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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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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There are no easy choices. Easy choices are long gone.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN