Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPANSo there is no reason to suspect that the actual process of boosting rates would be any different.
More Alan Greenspan Quotes
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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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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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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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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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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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.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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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…
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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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.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Excessive optimism sows the seeds of its own reversal.
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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.
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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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How do we know when irrational exuberance has unduly escalated asset values?
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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If I’ve made myself clear, I’ve misspoken.
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What an ideology is is a conceptual framework with the way people deal with reality.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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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