I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
ALAN GREENSPANThese days, even out of office, I still read economic reports.
More Alan Greenspan Quotes
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If I seem unduly clear to you, you must have misunderstood what I said.
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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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Derivatives have permitted the unbundling of financial risks.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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No one has ever eliminated any of that stuff.
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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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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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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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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
ALAN GREENSPAN