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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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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
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New York City
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We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively. The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so...
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Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
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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've been in and out of Wall Street since 1949, and I've never seen the type of animosity between government and Wall Street. And I'm not sure where it comes from, but I suspect it's got to do with a general schism in this society which is really becoming ever more destructive.
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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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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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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 may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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These days, even out of office, I still read economic reports.
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I love facts and figures. It's like following a detective story, piecing together what's going on in the economy.
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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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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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The Iraq War is largely about oil.
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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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The number one problem in today's generation and economy is the lack of financial literacy.
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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 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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How do we know when irrational exuberance has unduly escalated asset values?
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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