If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPANAmerican consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
More Alan Greenspan Quotes
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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And she always has so much fun doing it. We make a good team.
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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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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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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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The tub helps me relax, and it’s a great place to read.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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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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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’.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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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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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
ALAN GREENSPAN