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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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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
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New York City
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These days, even out of office, I still read economic reports.
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Gold, unlike all other commodities, is a currency...and the major thrust in the demand for gold is not for jewelry. It's not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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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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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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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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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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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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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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I'm a better economist than I was a sax player.
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Excessive optimism sows the seeds of its own reversal.
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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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I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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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.
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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.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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History cannot be reduced to a set of statistics and probabilities.
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