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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.

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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More quotes by Alan Greenspan

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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.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
Alan Greenspan
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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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It is decidedly not true that nice guys finish last, as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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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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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
Alan Greenspan
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
Alan Greenspan
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There are no easy choices. Easy choices are long gone.
Alan Greenspan
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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
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
Alan Greenspan
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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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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
Alan Greenspan
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Deficit spending is simply a scheme for the confiscation of wealth.
Alan Greenspan
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
Alan Greenspan
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History cannot be reduced to a set of statistics and probabilities.
Alan Greenspan
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
Alan Greenspan
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
Alan Greenspan
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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
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The need for values is inbred. Their content is not.
Alan Greenspan
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We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
Alan Greenspan