If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPANHow do we know when irrational exuberance has unduly escalated asset values?
More Alan Greenspan Quotes
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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The need for values is inbred. Their content is not.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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Derivatives have permitted the unbundling of financial risks.
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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.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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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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No one has ever eliminated any of that stuff.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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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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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
ALAN GREENSPAN