It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPANIf 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.
More Alan Greenspan Quotes
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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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Excessive optimism sows the seeds of its own reversal.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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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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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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If I say something which you understand fully in this regard, I probably made a mistake.
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There are no easy choices. Easy choices are long gone.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
ALAN GREENSPAN