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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
Economist
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New York City
New York
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More quotes by Alan Greenspan
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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Revolutions are something you see only in retrospect.
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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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The guiding purpose of the government regulator is to prevent rather than to create something.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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You can't have the capitalist system if an increasing number of people think it is unjust.
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It's hard to overemphasize how important Ford's deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first. Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Amateurs want to be right. Professionals want to make money.
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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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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices, ... This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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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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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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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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Indeed, better risk management may be the only truly necessary element of success in banking.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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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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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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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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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.
Alan Greenspan
