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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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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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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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History cannot be reduced to a set of statistics and probabilities.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Amateurs want to be right. Professionals want to make money.
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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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If I say something which you understand fully in this regard, I probably made a mistake.
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Revolutions are something you see only in retrospect.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I'm running into the tyranny of zero, which is where you can't reduce (the debt) any more
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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But rules cannot substitute for character.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
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When trust is lost, a nation's ability to transact business is palpably undermined.
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