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 GREENSPANThe guiding purpose of the government regulator is to prevent rather than to create something.
More Alan Greenspan Quotes
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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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.
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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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But rules cannot substitute for character.
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Significantly opening up immigration to skilled workers solves two problems.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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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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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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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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Productivity is notoriously difficult to predict.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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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.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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How do we know when irrational exuberance has unduly escalated asset values?
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There are no easy choices. Easy choices are long gone.
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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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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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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.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN