It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPANThe only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
More Alan Greenspan Quotes
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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.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Rules cannot take the place of character.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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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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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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The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN