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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
Alan Greenspan
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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
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Jazz Musician
Politician
New York City
New York
Oil
Acknowledge
Iraq
Everyone
War
Saddened
Inconvenient
Politically
Largely
More quotes by Alan Greenspan
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The number one problem in today's generation and economy is the lack of financial literacy.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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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.
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But rules cannot substitute for character.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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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.
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Credit-default swaps, I think, have serious problems associated with them.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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I'm not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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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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Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.
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The free lunch has still to be invented.
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You can't have the capitalist system if an increasing number of people think it is unjust.
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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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There are no easy choices. Easy choices are long gone.
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