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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
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Jazz Musician
Politician
New York City
New York
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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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Any informed borrower is simply less vulnerable to fraud and abuse.
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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 gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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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'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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Excessive optimism sows the seeds of its own reversal.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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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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History cannot be reduced to a set of statistics and probabilities.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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Amateurs want to be right. Professionals want to make money.
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If I've made myself clear, I've misspoken.
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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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How do we know when irrational exuberance has unduly escalated asset values?
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