In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
ALAN GREENSPANAnd whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
More Alan Greenspan Quotes
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Productivity is notoriously difficult to predict.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Excessive optimism sows the seeds of its own reversal.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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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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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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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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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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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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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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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN






