Alan Greenspan Quotes
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It's hard to overemphasize how important Ford's deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first. Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s:...
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It did not go without notice that Ayn Rand stood beside me as I took the oath of office in the presence of President Ford in the Oval Office. Ayn Rand and I remained close until she died in 1982, and I'm grateful for the influence she had on my life. I was intellectually limited until I met her.
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I really didn't get it until very late in 2005 and 2006.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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From the development of the textile loom two centuries ago to today's Internet, output per hour has increased fifty fold.
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Gold and Economic Freedom 1966
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Much of the securitization took the form of collateralized debt obligations (CDOs) with senior credit tranches certified by rating agencies as AAA. It was the failure to properly price such risky assets that characterized the crisis.
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I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I said.
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I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk. But I believed then, as now, that the benefits of broadened home ownership are worth the risk.
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Treasury Secretary Brady didn't like the Fed either. He and the president were friends and had a lot in common-both were wealthy, Yale educated patricians and members of Skull and Bones.
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Once stock prices reach the point at which it is hard to value them by logical methodology, stocks will be bought as they were in the late 1920s not for investment but to be unloaded at a still higher price. The ensuing break could be disastrous because panic psychology cannot be summarily altered or reversed by easing money policies.
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I think Bill Clinton was the best Republican president we've had in a while.
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If you get beyond the political rhetoric and assembled a group to solve Social Security it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage-market financed withdrawals of home equity in recent years.
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Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.
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We are going through a period with no precedent in American history.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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Over the years I have had the most contact with Lee Kuan Yew, most recently in 2006, and have always found him impressive, even though we do not always see eye to eye. I met him first when he was George Shultz's guest at the famous (or infamous, depending on your perspective) Bohemian Grove, a male only bonding retreat among the redwoods of California.
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Globalization was exerting a dis-inflationary impact.
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Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.
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We generally did not talk about the stock market very much at the Fed.
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We are obviously all hurt by inflation. Everybody is hurt by inflation. If you really wanted to examine who percentage-wise is hurt the most in their incomes, it is the Wall Street brokers. I mean their incomes have gone down the most.
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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?