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The process of innovation is, of course, never ending.

Alan Greenspan

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

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Greenspan, who knew so much more than most, knew far less than most supposed.
Alan Greenspan
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
Alan Greenspan
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I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
Alan Greenspan
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
Alan Greenspan
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Excessive optimism sows the seeds of its own reversal.
Alan Greenspan
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If you think you understand what I am saying you do not understand what I am saying.
Alan Greenspan
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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.
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.
Alan Greenspan
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The need for values is inbred. Their content is not.
Alan Greenspan
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There is no evidence that the business cycle has been repealed.
Alan Greenspan
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The free lunch has still to be invented.
Alan Greenspan
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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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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity are in a state of shocked disbelief.
Alan Greenspan
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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.
Alan Greenspan
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable, and the percentage changes in wage rates would be the same for all job grades.
Alan Greenspan
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The tub helps me relax, and it's a great place to read.
Alan Greenspan
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
Alan Greenspan
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Regulation - which is based on force and fear - undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
Alan Greenspan
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
Alan Greenspan
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
Alan Greenspan