It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPANPolitical decisions are never random and will always lose out to innovative alternatives.
More Alan Greenspan Quotes
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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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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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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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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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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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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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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History cannot be reduced to a set of statistics and probabilities.
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And she always has so much fun doing it. We make a good team.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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There is no evidence that the business cycle has been repealed.
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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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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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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
ALAN GREENSPAN