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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.

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Competitively Immigration Income Level Process Profession Quota Support

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Create Government Guild Prevent Purpose Rather Regulation Something
Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
ALAN GREENSPAN

Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
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 GREENSPAN

Cannot Cause Far Forecast Future Go People Realize Probability
They seem to sense… that gold and economic freedom are inseparable.
ALAN GREENSPAN

Economic Freedom Gold Inseparable See Sense
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Event Expansion Extraordinary Far Finance Most Significant
Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
ALAN GREENSPAN

Derivate Negotiate Privately Profession Regulation Transaction
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
ALAN GREENSPAN

Country Decade Escalate Irrational Past Subject
Amateurs want to be right. Professionals want to make money.
ALAN GREENSPAN

Amateur Money Professional Right
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
ALAN GREENSPAN

Basic Communication Education Foundation Importance Learn Solid Soon Succeed
I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
ALAN GREENSPAN

Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
The tub helps me relax, and it’s a great place to read.
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Great Help Place Read Tub
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.
ALAN GREENSPAN

Group Minute Pleasantries Political Rhetoric Security Solve
How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPAN

Escalate Exuberance Irrational Unduly Value
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN

Creative Destructive Enormous Stage List Yet
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Difficult Notorious Predict Productivity
It signals problems with respect to currency markets. Central banks should pay attention to it.
ALAN GREENSPAN

Attention Bank Central Currency Market Problem Respect Signal

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