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There is no evidence that the business cycle has been repealed.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
Cycle
Cycles
Evidence
Business
Repealed

More quotes by Alan Greenspan

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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
Alan Greenspan
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Deficit spending is simply a scheme for the confiscation of wealth.
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Look, I'm very much in favor of tax cuts, but not with borrowed money. And the problem that we've gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that proves disastrous. And my view is I don't think we can play subtle policy here.
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...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I'm only half joking
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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I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
Alan Greenspan
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Institutions of the newer participants in global finance had not been tested, until recently...recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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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I'm a better economist than I was a sax player.
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If prices go down, we will have problems - problems in the sense of spillover to other areas.
Alan Greenspan
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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.
Alan Greenspan
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Rules cannot take the place of character.
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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If you think you understand what I am saying you do not understand what I am saying.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
Alan Greenspan
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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.
Alan Greenspan
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.
Alan Greenspan
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
Alan Greenspan
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I'm always amazed that my wife can handle different subjects - one day politics, the next day foreign policy. And she always has so much fun doing it. We make a good team.
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