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There is no evidence that the business cycle has been repealed.

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
Repealed
Cycle
Cycles
Evidence
Business

More quotes by Alan Greenspan

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I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
Alan Greenspan
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
Alan Greenspan
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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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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Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.
Alan Greenspan
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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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Credit-default swaps, I think, have serious problems associated with them.
Alan Greenspan
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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.
Alan Greenspan
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The guiding purpose of the government regulator is to prevent rather than to create something.
Alan Greenspan
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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.
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Crony capitalism is essentially a condition in which... public officials are giving favours to people in the private sector in payment of political favours.
Alan Greenspan
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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.
Alan Greenspan
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.
Alan Greenspan
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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.
Alan Greenspan
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The probability of ten consecutive heads is 0.1 percent thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
Alan Greenspan
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
Alan Greenspan
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Significantly opening up immigration to skilled workers solves two problems. The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
Alan Greenspan
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If I say something which you understand fully in this regard, I probably made a mistake.
Alan Greenspan
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The number one problem in today's generation and economy is the lack of financial literacy.
Alan Greenspan