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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.

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
Transactions
Regulation
Unnecessary
Negotiated
Privately
Derivatives
Professionals

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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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When trust is lost, a nation's ability to transact business is palpably undermined.
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Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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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.
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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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What an ideology is is a conceptual framework with the way people deal with reality. Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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Rules cannot take the place of character.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others.
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