We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
ALAN GREENSPANThe 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…
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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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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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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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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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Significantly opening up immigration to skilled workers solves two problems.
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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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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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There are no easy choices. Easy choices are long gone.
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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.
ALAN GREENSPAN