Tuesday, August 22, 2017 Text is available under the CC BY-SA 3.0 licence.

Alan Greenspan


American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from June 2, 1987 until his retirement on January 31, 2006.
Alan Greenspan
Since becoming a central banker, I have learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.
Greenspan quotes
Deficit spending is simply a scheme for the confiscation of wealth.
Greenspan
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.




Greenspan Alan quotes
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.
Greenspan Alan
The resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit, which, according to the Congressional Budget Office, will rise significantly as the baby boomers start to retire in 2008. Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances.
Alan Greenspan quotes
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense - perhaps more clearly and subtly than many consistent defenders of laissez-faire - that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.
Alan Greenspan
I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I said.
Greenspan Alan quotes
If you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God.
Greenspan
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.
Greenspan Alan
From the development of the textile loom two centuries ago to today's Internet, output per hour has increased fifty fold.
Alan Greenspan
Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.




Alan Greenspan quotes
Central banks stand ready to lease gold in increasing quantities should the price rise.
Alan Greenspan
Greenspan's reaction with regard to the stock-market bubble has caused two more bubbles to grow: a real-estate bubble and a consumer-debt bubble... History will judge him one of the worst Central Bankers ever.
Greenspan quotes
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?
Greenspan Alan
[He is] one of the biggest political hacks we have in Washington.
Greenspan Alan quotes
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.
Alan Greenspan
I would not only reappoint Mr. Greenspan -- if Mr. Greenspan should happen to die, God forbid -- I would do like was did in the movie, 'Weekend at Bernie's.' I'd prop him up and put a pair of dark glasses on him and keep him as long as we could.
Alan Greenspan quotes
I know you believe you understand what you think I said, but I am not sure you realise that what you heard is not what I meant.
Alan Greenspan
An area in which more rather than less government involvement is needed, in my judgment, is the rooting out of fraud. It is the bane of any market system.
Greenspan Alan
Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity myself especially are in a state of shocked disbelief.


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