The tub helps me relax, and it’s a great place to read.
ALAN GREENSPANNow, I only play very occasionally, and in fact, more piano than clarinet or sax.
More Alan Greenspan Quotes
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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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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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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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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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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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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.
ALAN GREENSPAN