Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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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The guiding purpose of the government regulator is to prevent rather than to create something.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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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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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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If you think you understand what I am saying you do not understand what I am saying.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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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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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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Gold still represents the ultimate form of payment in the world.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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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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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
ALAN GREENSPAN






