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It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.

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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Look, I'm very much in favor of tax cuts, but not with borrowed money. And the problem that we've gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that proves disastrous. And my view is I don't think we can play subtle policy here.
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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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.
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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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
Alan Greenspan
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Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.
Alan Greenspan
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
Alan Greenspan
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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.
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.
Alan Greenspan
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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.
Alan Greenspan
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I'm not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
Alan Greenspan
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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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If I've made myself clear, I've misspoken.
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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If prices go down, we will have problems - problems in the sense of spillover to other areas.
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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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
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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
Alan Greenspan
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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