The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
ALAN GREENSPANThe tub helps me relax, and it’s a great place to read.
More Alan Greenspan Quotes
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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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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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Political decisions are never random and will always lose out to innovative alternatives.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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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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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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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.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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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.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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What an ideology is is a conceptual framework with the way people deal with reality.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Whatever you tax you get less of.
ALAN GREENSPAN