People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
ALAN GREENSPANThen fear hits, and it comes down very sharply. When I started to look at that.
More Alan Greenspan Quotes
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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If I’ve made myself clear, I’ve misspoken.
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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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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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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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: ].
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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But rules cannot substitute for character.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN