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

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
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New York City
New York
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Economics

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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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I love facts and figures. It's like following a detective story, piecing together what's going on in the economy.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense... that gold and economic freedom are inseparable.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity. 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.
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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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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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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.
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When trust is lost, a nation's ability to transact business is palpably undermined.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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All taxes are a drag on economic growth. It's only a question of degree.
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If prices go down, we will have problems - problems in the sense of spillover to other areas.
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The need for values is inbred. Their content is not.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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Revolutions are something you see only in retrospect.
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I'm always amazed that my wife can handle different subjects - one day politics, the next day foreign policy. And she always has so much fun doing it. We make a good team.
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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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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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The number one problem in today's generation and economy is the lack of financial literacy.
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