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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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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
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Jazz Musician
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New York City
New York
Global
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Institutions
Readily
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More quotes by Alan Greenspan

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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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.
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There is no evidence that the business cycle has been repealed.
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Revolutions are something you see only in retrospect.
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These days, even out of office, I still read economic reports.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity are in a state of shocked disbelief.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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The process of innovation is, of course, never ending.
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Excessive optimism sows the seeds of its own reversal.
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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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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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If I've made myself clear, I've misspoken.
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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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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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All taxes are a drag on economic growth. It's only a question of degree.
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I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
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Amateurs want to be right. Professionals want to make money.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.
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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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