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.
ALAN GREENSPANWell, 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.
More Alan Greenspan Quotes
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
ALAN GREENSPAN -
These days, even out of office, I still read economic reports.
ALAN GREENSPAN -
If prices go down, we will have problems – problems in the sense of spillover to other areas.
ALAN GREENSPAN -
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
ALAN GREENSPAN -
When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPAN -
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
ALAN GREENSPAN -
Greenspan, who knew so much more than most, knew far less than most supposed.
ALAN GREENSPAN -
Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
ALAN GREENSPAN -
Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
ALAN GREENSPAN -
As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN -
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN -
No one has ever eliminated any of that stuff.
ALAN GREENSPAN -
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 -
If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
ALAN GREENSPAN -
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
ALAN GREENSPAN -
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN -
We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
ALAN GREENSPAN -
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
ALAN GREENSPAN -
Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
ALAN GREENSPAN -
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN -
History cannot be reduced to a set of statistics and probabilities.
ALAN GREENSPAN -
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN