Alan Greenspan Quotes - Page 2

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• Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.

  Alan Greenspan

  Government, Support, Political

  "Greenspan’s Testimony: Will the ‘Maestro’ Face the Music?" by Richard (RJ) Eskow, www.huffingtonpost.com. June 5, 2010.

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• The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.

  Alan Greenspan

  Years, Important, Genius

  1995 In the NewYork Times, 6 Mar, shortly after the collapse of Barings in Singapore brought about by a young derivatives trader.

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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...While these tendencies were no doubt in train in the "old," pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.

  Alan Greenspan

  Past, Technology, Roots

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• History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.

  Alan Greenspan

  Optimism, Imbalance, Financial

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• If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.

  Alan Greenspan

  Moving, Together, Gold

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• To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal and numerical, and communication skills.

  Alan Greenspan

  Success, Education, Business

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• Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.

  Alan Greenspan

  Gold, World, Accepted

  "Gold is again proving its value in a risky world" by George Trefgarne, www.telegraph.co.uk. December 23, 2002.

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• We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

  Alan Greenspan

  Two, Looks, Common

  "The World Today" with Sue Lannin, www.abc.net.au. September 10, 2009.

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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.

  Alan Greenspan

  Dark, Giving, People

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• Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. 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

  Integrity, Self Esteem, Mean

  "Word for Word/'Greenspan Shrugged'; When Greed Was a Virtue And Regulation the Enemy" by Bill Goldstein, www.nytimes.com. July 21, 2002.

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• The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.

  Alan Greenspan

  Happiness, Careers, Leaving

  "Remarks by Chairman Alan Greenspan". Alan Greenspan's commencement address at Harvard University in Cambridge, Massachusetts, www.federalreserve.gov. June 10, 1999.

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• In general, corruption tends to exist whenever governments have favors to extend, or something to sell.

  Alan Greenspan

  Government, Favors, Corruption

  Alan Greenspan (2008). “The Age of Turbulence: Adventures in a New World”, p.275, Penguin

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• Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.

  Alan Greenspan

  Regulation, Derivatives, Unnecessary

  Alan Greenspan's Testimony Before the Committee on Banking and Financial Services, U.S. House of Representatives, www.federalreserve.gov. July 24, 1998.

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• The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.

  Alan Greenspan

  Self, Size, Imbalance

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• Revolutions are something you see only in retrospect.

  Alan Greenspan

  Retrospect, Revolution

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• You can't have the capitalist system if an increasing number of people think it is unjust.

  Alan Greenspan

  Thinking, Numbers, People

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• When trust is lost, a nation's ability to transact business is palpably undermined.

  Alan Greenspan

  Lost, Ability, Nations

  Alan Greenspan (2008). “The Age of Turbulence: Adventures in a New World”, p.256, Penguin

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• The process of innovation is, of course, never ending.

  Alan Greenspan

  Innovation, Process, Courses

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• I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.

  Alan Greenspan

  Realization, Starks, Deficit

  Alan Greenspan (2008). “The Age of Turbulence: Adventures in a New World”, p.218, Penguin

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• But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

  Alan Greenspan

  Past, Japan, Unexpected

  Alan Greenspan (2008). “The Age of Turbulence: Adventures in a New World”, p.177, Penguin

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• History cannot be reduced to a set of statistics and probabilities.

  Alan Greenspan

  Statistics, Probability

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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.

  Alan Greenspan

  Business, Years, Risk

  "Alan Greenspan: The Oracle Or The Master Of Disaster?" by Thomas B. Edsall, www.huffingtonpost.com. March 22, 2009.

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• We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. 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

  Government, Self, Credit

  "Greenspan Admits Free Market Ideology Flawed". "Morning Edition" with Steve Inskeep, www.npr.org. October 24, 2008.

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• This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.

  Alan Greenspan

  People, Abnormal, May

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• It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations, enhances a person's ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making

  Alan Greenspan

  Success, Business, Decision

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