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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
Privately
Derivatives
Professionals
Transactions
Regulation
Unnecessary
Negotiated
More quotes by Alan Greenspan
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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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.
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History cannot be reduced to a set of statistics and probabilities.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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Excessive optimism sows the seeds of its own reversal.
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I'm a better economist than I was a sax player.
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When trust is lost, a nation's ability to transact business is palpably undermined.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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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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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 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.
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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.
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But rules cannot substitute for character.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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We will have more crises and none of them will look like this because no two crises have anything in common except human 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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Greenspan, who knew so much more than most, knew far less than most supposed.
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