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Credit-default swaps, I think, have serious problems associated with them.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
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New York City
New York
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More quotes by Alan Greenspan

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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.
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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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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.
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We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
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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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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.
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The process of innovation is, of course, never ending.
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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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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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Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage-market financed withdrawals of home equity in recent years.
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If I've made myself clear, I've misspoken.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I'm only half joking
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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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.
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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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Excessive optimism sows the seeds of its own reversal.
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The need for values is inbred. Their content is not.
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Whatever you tax you get less of.
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Deficit spending is simply a scheme for the confiscation of wealth.
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