Top 199 Quotes & Sayings by Alan Greenspan
Explore popular quotes and sayings by an American economist Alan Greenspan.
Last updated on September 16, 2024.
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
When you go back and look at American history, it's not terribly different from Canadian history. If you weren't self-reliant on the prairie, you wouldn't survive.
Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
Increased jobs are the consequence of increased trade. Increasing jobs more than output implies a fall in productivity and standards of living. That surely cannot be our goal.
There are winners and there are losers. And as much as we would like to help the losers, if we do it in the way that directs the limited capital of the society to support the low-productivity parts of the economy, it means that the rest of the economy - our overall standard of living - will not rise as much as it could.
Fear is a far more dominant force in human behaviour than euphoria - I would never have expected that or given it a moment's thought before, but it shows up in the data in so many ways.
At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn't. Instead, northern Europe fell into subsidizing southern Europe's excess consumption, that is, its current account deficits.
People don't realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but that's as far as we go. And I've had a very successful career as a forecaster, starting in 1948 forward. The number of mistakes I have made are just awesome. There is no number large enough to account for that.
Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.
The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.
I'm a free-market economist from years and years back, and I've never veered from that.
Forecasting our futures is built into our psyches because we will soon have to manage that future. We have no choice. No matter how often we fail, we can never stop trying.
You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
I was sort of shocked when it all of a sudden turned out that I got all A's through college, with the exception of two B's in the first term. I never envisaged myself as summa cum laude.
The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
There is a limit to how much the United States Treasury can borrow.
What a sound money system does is to stabilize all the elements in it, and reduces the uncertainty that people confront. And the one thing all human beings do when they are confronted with uncertainty is pull back, withdraw, disengage, and that means economic activity, which is really dealing with people, just goes straight down.
I get so engaged when I have a problem you cannot solve that I just cannot break away from what I am doing - I keep thinking and thinking and cannot stop.
Unless you are willing to compromise, society cannot live together.
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
The only thing that was economic, I might say, about my music career, aside from the fact that I did everybody's tax returns in the band, was the decision I made to leave the music business on economic grounds.
If I turn out to be particularly clear, you've probably misunderstood what I've said.
I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal and numerical, and communication skills.
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.
Look, I'm very much in favor of tax cuts, but not with borrowed money. And the problem that we've gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that proves disastrous. And my view is I don't think we can play subtle policy here.
Fear invariably and universally induces disengagement, and disengagement is negative division of labor.
I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.
The only way you get economic progress, real standards of living moving higher, is to have the savings of the society continuously invested in the cutting-edge technologies. And those technologies which are obsolescent get dropped out.
Revolutions are something you see only in retrospect.
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.
I stated that I'm a libertarian Republican, which means I believe in a series of issues, such as smaller government, constraint on budget deficits, free markets, globalization, and a whole series of other things, including welfare reform.
The person I liked the best was Gerald R. Ford. He was the most decent man in politics I ever had any relationships with.
Finance is wholly different from the rest the economy.
I'm not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
I've been in and out of Wall Street since 1949, and I've never seen the type of animosity between government and Wall Street. And I'm not sure where it comes from, but I suspect it's got to do with a general schism in this society which is really becoming ever more destructive.
It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.
Markets do very weird things because it reacts to how people behave, and sometimes people are a little screwy.
I've been around long enough to know that a good deal of the praise heaped on me I had nothing to do with. The only thing I did object to was the fact that where the criticism was actually wrong. Did it bother me? Of course it bothered me. But I've been around long enough to have ups and downs. So you get over it.
Anything that we can do to raise personal savings is very much in the interest of this country.
I've always considered myself more of a mathematician than a psychologist.
We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
Putin probably, almost certainly, thinks that one of the great disasters of the 20th century was the demise of the Soviet Union. It's very obvious that he's trying to work its way back and maintain something similar to that sort of institution.
Bitcoin is really a fascinating example of how human beings create value, and is not always rational... tt is not a rational currency in that case.
Whatever you tax, you get less of.
I always believed in animal spirits. It's not their existence that is new. It's the fact that they are not random events, but actually replicate in-bred qualities of human nature which create those animal spirits.
Any informed borrower is simply less vulnerable to fraud and abuse.
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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.
One of the major problems with China is that its innovation is largely borrowed technology.
The problem is you cannot have free global trade with highly restrictive, regulated domestic markets.
Chinese productivity is the highest in the world but the way they do it is by borrowing the technology from abroad, either by joint ventures or other means.
We really can't forecast all that well, and yet we pretend that we can, but we really can't.
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.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
Crony capitalism is essentially a condition in which... public officials are giving favours to people in the private sector in payment of political favours.
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.
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense... that gold and economic freedom are inseparable.
There is a huge number of people outside our borders who would love to come here. In fact, many of them come here, get well educated, and then are required to leave... This is a factor in income inequality.
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