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Rules cannot take the place of character.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
Entrepreneur
Jazz Musician
Politician
New York City
New York
Rules
Place
Cannot
Character
Take

More quotes by Alan Greenspan

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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.
Alan Greenspan
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Productivity is notoriously difficult to predict.
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If you think you understand what I am saying you do not understand what I am saying.
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There are no easy choices. Easy choices are long gone.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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But rules cannot substitute for character.
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Credit-default swaps, I think, have serious problems associated with them.
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When trust is lost, a nation's ability to transact business is palpably undermined.
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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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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
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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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Whatever you tax you get less of.
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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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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Before I met Ayn Rand, I was a logical positivist, and accordingly, I didn't believe in absolutes, moral or otherwise. If I couldn't prove a proposition with facts and figures, it was without merit.
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The probability of ten consecutive heads is 0.1 percent thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
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I'm a better economist than I was a sax player.
Alan Greenspan