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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.

Alan Greenspan

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Excessive optimism sows the seeds of its own reversal.

ALAN GREENSPAN

Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN

Excessive Optimism Retrospect Something
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.
ALAN GREENSPAN

Banker Bubble Central Do Economy Financial Threaten
Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
ALAN GREENSPAN

Base Regulation Undermine
Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
ALAN GREENSPAN

Currency Dollar Premier Still
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Borrower Inform Less Simply Vulnerable
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN

Almost Came Deficit Destabilize Chronic Realization Stark Surplus
It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
ALAN GREENSPAN

Keep Minimum Regrettably Successful
While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.

ALAN GREENSPAN

While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
ALAN GREENSPAN

Distortion Economy Imbalance Local National Seem Severe Significant
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

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

Other Some Table Throw
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…

ALAN GREENSPAN

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…
ALAN GREENSPAN

Application Approach Derivative More Relate Sophisticate Use
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.

ALAN GREENSPAN

In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Extend Favor General Sell Something
In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
ALAN GREENSPAN

Already Caution Economy Momentum Must Possibly Predictable
People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.

ALAN GREENSPAN

People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
ALAN GREENSPAN

Cannot Forecast Go People Realize Probability
As long as we issue fiat currency, I see no alternative to a legal tender law.

ALAN GREENSPAN

As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN

Currency Long Tender
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

Probability
Anything that we can do to raise personal savings is very much in the interest of this country.

ALAN GREENSPAN

Anything that we can do to raise personal savings is very much in the interest of this country.
ALAN GREENSPAN

Anything Much Raise Say

American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.

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