Rules cannot take the place of character.
ALAN GREENSPANPeople 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.
More Alan Greenspan Quotes
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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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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If I seem unduly clear to you, you must have misunderstood what I said.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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Political decisions are never random and will always lose out to innovative alternatives.
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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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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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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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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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 GREENSPAN