How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPANIt’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
More Alan Greenspan Quotes
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Credit-default swaps, I think, have serious problems associated with them.
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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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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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When trust is lost, a nation’s ability to transact business is palpably undermined.
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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.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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No one has ever eliminated any of that stuff.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
ALAN GREENSPAN