I have long argued that paying down the national debt is beneficial for the economy.
ALAN GREENSPANNo matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
More Alan Greenspan Quotes
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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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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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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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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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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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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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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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 has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN