Alan Greenspan Quotes - Page 3

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• But rules cannot substitute for character.

  Alan Greenspan

  Character, Substitutes

  16 Copy quote

• And whatever their publicized angst over Saddam Hussein's 'weapons of mass destruction,' American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy. I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.

  Alan Greenspan

  War, Mass Destruction, Oil

  "The Age of Turbulence: Adventures in a New World". Book by Alan Greenspan, 2007.

  4 Copy quote

• By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.

  Alan Greenspan

  Past, Expansion, Events

  Remarks by Chairman Alan Greenspan, www.federalreserve.gov. March 19, 1999.

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• The arts develop skills and habits of mind that are important for workers in the new economy of ideas.

  Alan Greenspan

  Art, Skills, Ideas

  14 Copy quote

• Before I met Ayn Rand, I was a logical positivist, and accordingly, I didn't believe in absolutes, moral or otherwise. If I couldn't prove a proposition with facts and figures, it was without merit.

  Alan Greenspan

  Believe, Facts, Merit

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• Regulators have not been able to achieve the level of future clarity required to act pre-emptively. The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so...

  Alan Greenspan

  Ignorance, Reality, Expectations

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• People 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. The number of mistakes I have made are just awesome. There is no number large enough to account for that.

  Alan Greenspan

  Mistake, Successful, Careers

  4 Copy quote

• If prices go down, we will have problems - problems in the sense of spillover to other areas.

  Alan Greenspan

  Financial, Problem, Said

  "Markets remain steady" by Fiona Walsh, www.theguardian.com. March 16, 2007.

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• Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism. 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. Eliminating such restrictions would reduce at least some of the income inequality.

  Alan Greenspan

  America, Labor Force, Competition

  9 Copy quote

• There are no easy choices. Easy choices are long gone.

  Alan Greenspan

  Long, Choices, Gone

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• Any informed borrower is simply less vulnerable to fraud and abuse.

  Alan Greenspan

  Success, Money, Business

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• Indeed, better risk management may be the only truly necessary element of success in banking.

  Alan Greenspan

  Risk, Banking, Elements

  7 Copy quote

• 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.

  Alan Greenspan

  Talking, Today, Economy

  "Meet the Press", www.nbcnews.com. August 1, 2010.

  13 Copy quote

• No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

  Alan Greenspan

  Long, Risk, Abnormal

  4 Copy quote

• It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.

  Alan Greenspan

  Imagination, Able, Bitcoin

  15 Copy quote

• I don't think it's possible for the Fed to end its easy-money policies in a trouble-free manner. Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets, so there is no reason to suspect that the actual process of boosting rates would be any different. I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.

  Alan Greenspan

  Real, Thinking, Different

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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. The worst have failed; investors no longer fund them and are not likely to in the future.

  Alan Greenspan

  Business, Past, Derivatives

  "Taking Hard New Look at a Greenspan Legacy" by Peter S. Goodman, www.nytimes.com. October 8, 2008.

  4 Copy quote

• 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.

  Alan Greenspan

  Regulation, Moral, Protection

  Ayn Rand, Nathaniel Branden, Alan Greenspan, Robert Hessen (1986). “Capitalism: The Unknown Ideal”, p.111, Penguin

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• If I say something which you understand fully in this regard, I probably made a mistake.

  Alan Greenspan

  Mistake, Made, Regard

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• I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others.

  Alan Greenspan

  Life, Success, Business

  9 Copy quote

• The need for values is inbred. Their content is not.

  Alan Greenspan

  Needs, Inbreds, Values

  Alan Greenspan (2008). “The Age of Turbulence: Adventures in a New World”, p.17, Penguin

  60 Copy quote

• Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.

  Alan Greenspan

  Successful, Stuff, Way

  "Alan Greenspan vs. Naomi Klein on the Iraq War, Bush’s Tax Cuts, Economic Populism, Crony Capitalism and More". "Democracy Now!" with Amy Goodman, www.democracynow.org. September 24, 2007.

  63 Copy quote

• All taxes are a drag on economic growth. It's only a question of degree.

  Alan Greenspan

  Political, Growth, Degrees

  5 Copy quote

• Senator, we are groping for understanding, the knowledge you assume I possess doesn't exist' - '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' - 'Senator, if I seem clear to you, you must have misunderstood me' - 'Unfortunately, Senator, nobody knows where the next innovative idea is coming from. Political decisions are never random and will always lose out to innovative alternatives

  Alan Greenspan

  Lying, Moving, Ignorance

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• I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged.

  Alan Greenspan

  Believe, Risk, Growth

  "Taking Hard New Look at a Greenspan Legacy" by Peter S. Goodman, www.nytimes.com. October 8, 2008.

  4 Copy quote

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