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The guiding purpose of the government regulator is to prevent rather than to create something.

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Create Government Guild Prevent Purpose Rather Regulation Something

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
ALAN GREENSPAN

Consequence Country Degree Income Reduce Skill Supply Unable Wage Work
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

Aftermath Dealt History Period Premium Protracted Risk
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
ALAN GREENSPAN

Disbelief Institution Interest Lend Self Shareholder Shock
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute
Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPAN

Immigration Open Problem Significant Skill Solve Work
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN

Creative Destructive Enormous Stage List Yet
I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
ALAN GREENSPAN

Clear Guess Out Particular Turn Warn You
Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
ALAN GREENSPAN

Come Idea Innovative Nobody Senator Unfortunately
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.
ALAN GREENSPAN

Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Difficult Notorious Predict Productivity
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPAN

Competency Experience Foundation Manipulation Mathematics Numerical Understand
There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN

Assume Grop Knowledge Possess Exist Senator Understand
How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPAN

Escalate Exuberance Irrational Unduly Value
There are no easy choices. Easy choices are long gone.
ALAN GREENSPAN

Choice Easy Gone Long No
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
ALAN GREENSPAN

Amount Available Cash Necessary Problem Should Solve Stress
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
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.
ALAN GREENSPAN

Gold Governor Happen Little Market Question Raise Treasury
Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Create Government Guild Prevent Purpose Rather Regulation 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 Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness
Anything that we can do to raise personal savings is very much in the interest of this country.
ALAN GREENSPAN

Anything Country Interest Much Personal Raise Say
Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
ALAN GREENSPAN

Confiscation Deficit Hide Scheme Simply Spend Wealth
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
ALAN GREENSPAN

Abnormal Exposure Haul Long Matter No Return Scheme Skillful Sustain Trade
If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN

Clear Misunderstood Must Said Seen Unduly

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