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 GREENSPANThe tub helps me relax, and it’s a great place to read.
More Alan Greenspan Quotes
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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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.
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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.
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Market financed withdrawals of home equity in recent years.
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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.
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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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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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Revolutions are something you see only in retrospect.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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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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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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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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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
ALAN GREENSPAN