We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
ALAN GREENSPANSignificantly opening up immigration to skilled workers solves two problems.
More Alan Greenspan Quotes
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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.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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And the percentage changes in wage rates would be the same for all job grades.
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Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPAN -
Derivatives have permitted the unbundling of financial risks.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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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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Rules cannot take the place of character.
ALAN GREENSPAN -
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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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
ALAN GREENSPAN -
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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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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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 -
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
ALAN GREENSPAN






