Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPANNow, I only play very occasionally, and in fact, more piano than clarinet or sax.
More Alan Greenspan Quotes
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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If I seem unduly clear to you, you must have misunderstood what I said.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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I’m a better economist than I was a sax player.
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If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN -
Greenspan, who knew so much more than most, knew far less than most supposed.
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History cannot be reduced to a set of statistics and probabilities.
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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.
ALAN GREENSPAN -
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPAN -
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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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
ALAN GREENSPAN