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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.

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
Called
Prudence
May
Bells
Ever
Evolve
Whistles
Financial
Violate
International
Formidable
Rules
Evolving
System
Rapidly
Economy
Peril

More quotes by Alan Greenspan

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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.
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.
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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.
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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
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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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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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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'm not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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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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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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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
Alan Greenspan
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
Alan Greenspan
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But rules cannot substitute for character.
Alan Greenspan
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense... that gold and economic freedom are inseparable.
Alan Greenspan
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Revolutions are something you see only in retrospect.
Alan Greenspan
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As long as we issue fiat currency, I see no alternative to a legal tender law.
Alan Greenspan
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I'm a plain soap kind of guy.
Alan Greenspan
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We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
Alan Greenspan