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You can't have the capitalist system if an increasing number of people think it is unjust.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
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New York City
New York
Number
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Capitalist

More quotes by Alan Greenspan

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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.
Alan Greenspan
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Indeed, better risk management may be the only truly necessary element of success in banking.
Alan Greenspan
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The process of innovation is, of course, never ending.
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These days, even out of office, I still read economic reports.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions... Derivatives have permitted the unbundling of financial risks.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
Alan Greenspan
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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.
Alan Greenspan
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity. Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
Alan Greenspan
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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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Deficit spending is simply a scheme for the confiscation of wealth.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
Alan Greenspan
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
Alan Greenspan
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But rules cannot substitute for character.
Alan Greenspan
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Anything that we can do to raise personal savings is very much in the interest of this country.
Alan Greenspan
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable, and the percentage changes in wage rates would be the same for all job grades.
Alan Greenspan
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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.
Alan Greenspan
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The free lunch has still to be invented.
Alan Greenspan
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations, enhances a person's ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
Alan Greenspan
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If you think you understand what I am saying you do not understand what I am saying.
Alan Greenspan
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It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.
Alan Greenspan