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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.

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
Guts
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More quotes by Alan Greenspan

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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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How do we know when irrational exuberance has unduly escalated asset values?
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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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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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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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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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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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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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.
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All taxes are a drag on economic growth. It's only a question of degree.
Alan Greenspan
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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Whatever you tax you get less of.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices, ... This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
Alan Greenspan
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But rules cannot substitute for character.
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When trust is lost, a nation's ability to transact business is palpably undermined.
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These days, even out of office, I still read economic reports.
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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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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.
Alan Greenspan