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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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
Loses
Deserved
Power
Republicans
Ended
Principle
Neither
Republican
Lose
Principles
Swapped
More quotes by Alan Greenspan
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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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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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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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade. The worst have failed investors no longer fund them and are not likely to in the future.
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The free lunch has still to be invented.
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These days, even out of office, I still read economic reports.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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The process of innovation is, of course, never ending.
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Rules cannot take the place of character.
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If prices go down, we will have problems - problems in the sense of spillover to other areas.
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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.
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It is decidedly not true that nice guys finish last, as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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There are no easy choices. Easy choices are long gone.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity are in a state of shocked disbelief.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary, ... Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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Credit-default swaps, I think, have serious problems associated with them.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.
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I'm a better economist than I was a sax player.
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