Market financed withdrawals of home equity in recent years.
ALAN GREENSPANBut material success is possible in this world and far more satisfying when it comes without exploiting others.
More Alan Greenspan Quotes
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
ALAN GREENSPAN -
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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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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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
ALAN GREENSPAN -
Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN -
American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
ALAN GREENSPAN -
The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN