There are no easy choices. Easy choices are long gone.
ALAN GREENSPANThe Iraq War is largely about oil.
More Alan Greenspan Quotes
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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How do we know when irrational exuberance has unduly escalated asset values?
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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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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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?
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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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 cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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History cannot be reduced to a set of statistics and probabilities.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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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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The need for values is inbred. Their content is not.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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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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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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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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If I’ve made myself clear, I’ve misspoken.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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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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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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When trust is lost, a nation’s ability to transact business is palpably undermined.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
ALAN GREENSPAN