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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

It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
ALAN GREENSPAN

Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
ALAN GREENSPAN

Derivate Negotiate Privately Profession Regulation Transaction
There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
ALAN GREENSPAN

Failure Finance Leverage Nature Significantly Unless Very
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
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
Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
ALAN GREENSPAN

Capitalism Condition Crony Essentially Favour Private Public
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
ALAN GREENSPAN

Characteristics Corruption Embezzlement Everywhere Exist Regrettably
Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
ALAN GREENSPAN

Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue
When trust is lost, a nation’s ability to transact business is palpably undermined.
ALAN GREENSPAN

Ability Business Loss Nation Palpably Transact Trust Undermined
I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
ALAN GREENSPAN

Cannot Conceive Cut Deficit Economy Harm Overdo Overdue Political Realistic Solution
And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
ALAN GREENSPAN

Destruction Mass Over Publicize Weapon Whatever
Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

Bank Better Indeed Management Necessary Only Risk Truly
Derivatives have permitted the unbundling of financial risks.
ALAN GREENSPAN

Derivative Financial Permit Risk Unbound
If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN

Clear Made Misspken Myself
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.
ALAN GREENSPAN

Goad Growth Improve Mean Preventative Snoop Statics System
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
Anything that we can do to raise personal savings is very much in the interest of this country.
ALAN GREENSPAN

Anything Country Interest Much Personal Raise Say
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Difficult Notorious Predict Productivity
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
Gold still represents the ultimate form of payment in the world.
ALAN GREENSPAN

Gold Payment Represent Ultimate World
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN

Almost Came Deficit Destabilize Chronic Realization Stark Surplus
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
ALAN GREENSPAN

Absence Confiscation God Inflation Protect Save
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
It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
ALAN GREENSPAN

Benefit Deregulation Hard Important Look Overemphasize True Year
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
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

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