Revolutions are something you see only in retrospect.
ALAN GREENSPANThese days, even out of office, I still read economic reports.
More Alan Greenspan Quotes
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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I’m a better economist than I was a sax player.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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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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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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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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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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And the percentage changes in wage rates would be the same for all job grades.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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Market financed withdrawals of home equity in recent years.
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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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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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If I’ve made myself clear, I’ve misspoken.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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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 must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
ALAN GREENSPAN