An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
ALAN GREENSPANFear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
More Alan Greenspan Quotes
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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If I say something which you understand fully in this regard, I probably made a mistake.
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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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There are no easy choices. Easy choices are long gone.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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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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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Market financed withdrawals of home equity in recent years.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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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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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
ALAN GREENSPAN