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

Change background

T
T
T

Change font

TAGS & TOPICS

Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
Entrepreneur
Jazz Musician
Politician
New York City
New York
Events
Expansion
Past
Finance
Event
Decades
Significant
Financial
Extraordinary
Derivatives
Development
Decade

More quotes by Alan Greenspan

Image
The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.
Alan Greenspan
Image
I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
Alan Greenspan
Image
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
Image
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
Image
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
Alan Greenspan
Image
It's hard to overemphasize how important Ford's deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first. Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
Alan Greenspan
Image
I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I'm running into the tyranny of zero, which is where you can't reduce (the debt) any more
Alan Greenspan
Image
What an ideology is is a conceptual framework with the way people deal with reality. Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
Alan Greenspan
Image
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
Image
If we are to remain preeminent in transforming knowledge into economic value, America's system of higher education must remain the world's leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
Alan Greenspan
Image
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
Alan Greenspan
Image
How do we know when irrational exuberance has unduly escalated asset values?
Alan Greenspan
Image
I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
Alan Greenspan
Image
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
Alan Greenspan
Image
We cannot rule out a situation in which a preemptive policy tightening becomes necessary, ... Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
Alan Greenspan
Image
We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
Alan Greenspan
Image
The free lunch has still to be invented.
Alan Greenspan
Image
But rules cannot substitute for character.
Alan Greenspan
Image
Whatever you tax you get less of.
Alan Greenspan
Image
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