Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
ALAN GREENSPANThe guiding purpose of the government regulator is to prevent rather than to create something.
More Alan Greenspan Quotes
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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.
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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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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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.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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The Iraq War is largely about oil.
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If you think you understand what I am saying you do not understand what I am saying.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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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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Greenspan, who knew so much more than most, knew far less than most supposed.
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No one has ever eliminated any of that stuff.
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The need for values is inbred. Their content is not.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN