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Alan Greenspan

50 quotes

“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.”
Alan Greenspan (1926–2026) first seen 1959 wikiquote, CC BY-SA 4.0 source
Recorded in: Greenspan in 1959. .
“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 (1926–2026) first seen 1963 wikiquote, CC BY-SA 4.0 source
Recorded in: The Assault on Integrity 1963
“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 (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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 (1926–2026) first seen 1974 wikiquote, CC BY-SA 4.0 source
Recorded in: At a conference on inflation, Washington, D.C. (September 19, 1974). In Report of the Health, Education, and Welfare, Income Security, Social Services Conference on Inflation (1974), pp. 804–5.
“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.”
Alan Greenspan (1926–2026) first seen 1987 wikiquote, CC BY-SA 4.0 source
Recorded in: Speaking to a Senate Committee in 1987, as quoted in the Guardian Weekly, November 4, 2005.
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I said.”
Alan Greenspan (1926–2026) first seen 1988 wikiquote, CC BY-SA 4.0 source
Recorded in: 1988 speech, as quoted in The New York Times, October 28, 2005.
“Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.… 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?”
Alan Greenspan (1926–2026) first seen 1996 wikiquote, CC BY-SA 4.0 source
Recorded in: Francis Boyer Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996 .
“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.”
Alan Greenspan (1926–2026) first seen 1998 wikiquote, CC BY-SA 4.0 source
Recorded in: Testimony Before the Committee on Banking and Financial Services, U.S. House of Representatives July 24, 1998 .
“The reason there is very little support for the gold standard is the consequences of those types of market adjustments are not considered to be appropriate in the 20th and 21st century. I am one of the rare people who have still some nostalgic view about the old gold standard, as you know, but I must tell you, I am in a very small minority among my colleagues on that issue.”
Alan Greenspan (1926–2026) first seen 1998 wikiquote, CC BY-SA 4.0 source
Recorded in: Speaking to a Hearing before the U.S. House of Representatives' Committee on Financial Services in 7/22/1998
“It hardly makes any difference who will be the next president. The world is governed by market forces.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.”
Alan Greenspan (1926–2026) first seen 2004 wikiquote, CC BY-SA 4.0 source
Recorded in: February 2004, in a speech praising the benefits of adjustable-rate mortgages.
“Rising interest rates have been advertised for so long and in so many places that anyone who has not appropriately hedged this position by now obviously is desirous of losing money.”
Alan Greenspan (1926–2026) first seen 2004 wikiquote, CC BY-SA 4.0 source
Recorded in: November 2004 in a speech in Frankfurt.
“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.”
Alan Greenspan (1926–2026) first seen 2004 wikiquote, CC BY-SA 4.0 source
Recorded in: October 19, 2004, playing down the threat of a national housing bubble.
“Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.”
Alan Greenspan (1926–2026) first seen 2005 wikiquote, CC BY-SA 4.0 source
Recorded in: May 2005, Greenspan said in a speech that he did not believe there was a national housing bubble similar to the bubble in the stock market. But he said there was "froth" in housing and he called the pace of housing pric…
“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.”
Alan Greenspan (1926–2026) first seen 2005 wikiquote, CC BY-SA 4.0 source
Recorded in: July 2005, in testimony to the House Financial Services Committee.
“[There are] signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”
Alan Greenspan (1926–2026) first seen 2005 wikiquote, CC BY-SA 4.0 source
Recorded in: July 2005, in testimony to the House Financial Services Committee.
“That said, there can be little doubt that exceptionally low interest rates on ten-year Treasury notes, and hence on home mortgages, have been a major factor in the recent surge of homebuilding and home turnover, and especially in the steep climb in home prices. Although a 'bubble' in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”
Alan Greenspan (1926–2026) first seen 2005 wikiquote, CC BY-SA 4.0 source
Recorded in: Greenspan on June 9, 2005 .
“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 (1926–2026) first seen 2005 wikiquote, CC BY-SA 4.0 source
Recorded in: March 10, 2005 .
“History has not dealt kindly with the aftermath of protracted periods of low risk premiums.”
Alan Greenspan (1926–2026) first seen 2005 wikiquote, CC BY-SA 4.0 source
Recorded in: At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 26, 2005 .
“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.”
Alan Greenspan (1926–2026) first seen 2006 wikiquote, CC BY-SA 4.0 source
Recorded in: Speech to the Commercial Finance Association on October 26, 2006, as reported by the Associated Press ("Finally, Greenspan can speak his mind").
“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.”
Alan Greenspan (1926–2026) first seen 2007 wikiquote, CC BY-SA 4.0 source
Recorded in: September 2007, Greenspan's memoir The Age of Turbulence: Adventures in the New World.
“I really didn't get it until very late in 2005 and 2006.”
Alan Greenspan (1926–2026) first seen 2007 wikiquote, CC BY-SA 4.0 source
Recorded in: Reuters (13 September 2007), "Greenspan says didn't see subprime storm brewing".
“We had a bubble in housing.”
Alan Greenspan (1926–2026) first seen 2007 wikiquote, CC BY-SA 4.0 source
Recorded in: The NewsHour with Jim Lehrer (18 September 2007), "Alan Greenspan Interview with Jim Lehrer".
“Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't, frankly, matter. And I've had very good relationships with presidents.”
Alan Greenspan (1926–2026) first seen 2007 wikiquote, CC BY-SA 4.0 source
Recorded in: The NewsHour with Jim Lehrer (18 September 2007), "Alan Greenspan Interview with Jim Lehrer".
“I think Bill Clinton was the best Republican president we've had in a while.”
Alan Greenspan (1926–2026) first seen 2007 wikiquote, CC BY-SA 4.0 source
Recorded in: As quoted in Meet The Press (23 September 2007).
“Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.”
Alan Greenspan (1926–2026) first seen 2007 wikiquote, CC BY-SA 4.0 source
Recorded in: December 2007, in an interview Sunday on ABC's This Week. Greenspan suggested the government should boost support to homeowners facing the prospect of losing their homes because their mortgages are resetting to higher i…
“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.”
Alan Greenspan (1926–2026) first seen 2008 wikiquote, CC BY-SA 4.0 source
Recorded in: cited in: Quotes of 2008: 'We are in a state of shocked disbelief', Jan 01, 2009.
“Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.”
Alan Greenspan (1926–2026) first seen 2008 wikiquote, CC BY-SA 4.0 source
Recorded in: Referring to his free-market ideology, when asked in 2008 by Representative Henry Waxman of the House Oversight Committee, “You had the authority to prevent irresponsible lending practices that led to the subprime mortg…
“The need for values is inbred. Their content is not.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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:...”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“We generally did not talk about the stock market very much at the Fed.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“Globalization was exerting a dis-inflationary impact.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“When trust is lost, a nation's ability to transact business is palpably undermined.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“The Fabians laid the groundwork for modern social democracy, and their influence on the world would end up being at least as powerful as that of Marx.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“In general, corruption tends to exist whenever governments have favors to extend, or something to sell.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“From the development of the textile loom two centuries ago to today's Internet, output per hour has increased fifty fold.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“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.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“We are going through a period with no precedent in American history.”
Alan Greenspan (1926–2026) first seen 2014 wikiquote, CC BY-SA 4.0 source
Recorded in: quoted in "The Hand on the Lever" in The New Yorker (July 21, 2014) by Nicholas Lemann
“The world of antitrust is reminiscent of Alice’s Wonderland: everything seemingly is, yet apparently isn’t, simultaneously. It is a world in which competition is lauded as the basic axiom and guiding principle, yet "too much" competition is condemned as "cutthroat." It is a world in which actions designed to limit competition are branded as criminal when taken by businessmen, yet praised as "enlightened" when initiated by the government. It is a world in which the law is so vague that businessmen have no way of knowing whether specific actions will be declared illegal until they hear the judge’s verdict—after the fact.”
Alan Greenspan (1926–2026) first seen 1961 wikiquote, CC BY-SA 4.0 source
Recorded in: Antitrust", essay at the National Association of Business Economists (25 September 1961); published in Rand, Capitalism: The Unknown Ideal.
“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. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.”
Alan Greenspan (1926–2026) said by 2026 at the latest wikiquote, CC BY-SA 4.0 source
“For some, the benign inflation outcome of 1996 might be considered surprising, as resource utilization rates--particularly of labor--were in the neighborhood of those that historically have been associated with building inflation pressures. To be sure, an acceleration in nominal labor compensation, especially its wage component, became evident over the past year. But the rate of pay increase still was markedly less than historical relationships with labor market conditions would have predicted. Atypical restraint on compensation increases has been evident for a few years now and appears to be mainly the consequence of greater worker insecurity. In 1991, at the bottom of the recession, a survey of workers at large firms by International Survey Research Corporation indicated that 25 percent feared being laid off. In 1996, despite the sharply lower unemployment rate and the tighter labor market, the same survey organization found that 46 percent were fearful of a job layoff.”
Alan Greenspan (1926–2026) first seen 1997 wikiquote, CC BY-SA 4.0 source
Recorded in: Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 26, 1997
“Intensive research in recent years into the sources of economic growth among both developing and developed nations generally point to a number of important factors: the state of knowledge and skill of a population; the degree of control over indigenous natural resources; the quality of a country's legal system, particularly a strong commitment to a rule of law and protection of property rights; and yes, the extent of a country's openness to trade with the rest of the world. For the United States, arguably the most important factor is the type of rule of law under which economic activity takes place. When asked abroad why the United States has become the most prosperous large economy in the world, I respond, with only mild exaggeration, that our forefathers wrote a constitution and set in motion a system of laws that protects individual rights, especially the right to own property. Nonetheless, the degree of state protection is sometimes in dispute. But by and large, secure property rights are almost universally accepted by Americans as a critical pillar of our economy. While the right of property in the abstract is generally uncontested in all societies embracing democratic market capitalism, different degrees of property protection do apparently foster different economic incentives and outcomes.”
Alan Greenspan (1926–2026) first seen 2004 wikiquote, CC BY-SA 4.0 source
Recorded in: Alan Greenspan (2004) The critical role of education in the nation's economy.