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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable, and the percentage changes in wage rates would be the same for all job grades.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
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More quotes by 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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Regulators have not been able to achieve the level of future clarity required to act pre-emptively. The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so...
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.
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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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
Alan Greenspan
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Any informed borrower is simply less vulnerable to fraud and abuse.
Alan Greenspan
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I love facts and figures. It's like following a detective story, piecing together what's going on in the economy.
Alan Greenspan
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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.
Alan Greenspan
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Before I met Ayn Rand, I was a logical positivist, and accordingly, I didn't believe in absolutes, moral or otherwise. If I couldn't prove a proposition with facts and figures, it was without merit.
Alan Greenspan
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations, enhances a person's ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
Alan Greenspan
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The tub helps me relax, and it's a great place to read.
Alan Greenspan
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
Alan Greenspan
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The Iraq War is largely about oil.
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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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 guiding purpose of the government regulator is to prevent rather than to create something.
Alan Greenspan
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
Alan Greenspan
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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?
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 better economist than I was a sax player.
Alan Greenspan