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I’m a better economist than I was a sax player.

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

Border Labour Open Ought Part Skill State Word World
Amateurs want to be right. Professionals want to make money.
ALAN GREENSPAN

Amateur Money Professional Right
I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
ALAN GREENSPAN

Bank Equity Especially Interest Mistake Organisation Presume Self Share
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.
ALAN GREENSPAN

Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural
Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
ALAN GREENSPAN

Capacity Drive Enable Household Improvement Information Lead Out Practice Reach Technology Tender
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.
ALAN GREENSPAN

Base Business Deal Fear Force Regulation Undermine
Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
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.
ALAN GREENSPAN

Better Built Decade Example Financial Market Mousetrap People
…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
ALAN GREENSPAN

Colleagues Critical Depend Marlet System Trust World
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPAN

Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
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.
ALAN GREENSPAN

Against Always Any Believe Fraud Law Need Probably
Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
ALAN GREENSPAN

Anyone Barred Country President Will Required
I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
ALAN GREENSPAN

Continue Go Higher Market More Stock
Credit-default swaps, I think, have serious problems associated with them.
ALAN GREENSPAN

Associate Credit Default Problem Serious Swap
We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
ALAN GREENSPAN

Anything Common Crise Human Like Look Nature
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.
ALAN GREENSPAN

Always Debt Default Money Print Probability States United

I’m a better economist than I was a sax player.

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I’m a better economist than I was a sax player.

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