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When trust is lost, a nation's ability to transact business is palpably undermined.
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
Nation
Trust
Nations
Ability
Business
Lost
Palpably
Transact
Undermined
More quotes by Alan Greenspan
Amateurs want to be right. Professionals want to make money.
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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.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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The tub helps me relax, and it's a great place to read.
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I'm a better economist than I was a sax player.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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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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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.
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If we are to remain preeminent in transforming knowledge into economic value, America's system of higher education must remain the world's leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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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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There is no evidence that the business cycle has been repealed.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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The free lunch has still to be invented.
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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 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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These days, even out of office, I still read economic reports.
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