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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
ALAN GREENSPAN

Create Foreigner Job Little Lose Protectionism Retaliate Surely
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
ALAN GREENSPAN

Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPAN

Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
ALAN GREENSPAN

Adequate Ago Buffer Decline Deep Home One Piece Purchase Residence Year
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
ALAN GREENSPAN

Detective Economy Fact Follow Love Piece Story Together
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
ALAN GREENSPAN

Almost Antagonism Gold Issue Persuasion Standard Towards Unite
If I say something which you understand fully in this regard, I probably made a mistake.
ALAN GREENSPAN

Made Mistake Probably Regard Something Understand
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.
ALAN GREENSPAN

Competitively Immigration Income Level Process Profession Quota Support
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
Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

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History demonstrates that participants in financial markets are susceptible to waves of optimism.
ALAN GREENSPAN

Demonstrate Excessive Financial History Optimism Particular Wave
Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN

Coin Consecutive Head Investor Million Percent Pick Probably Stock Ten Tosser
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
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPAN

Immigration Open Problem Significant Skill Solve Work
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
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN

Assume Grop Knowledge Possess Exist Senator Understand
Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
ALAN GREENSPAN

Commodity Currency Demand God Gold Jewelry Thrust Unlike
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
ALAN GREENSPAN

Already Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness
What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN

Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
ALAN GREENSPAN

Necessary Out Policy Preëmptive Rule Situation Tight
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.
ALAN GREENSPAN

Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work

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