Alan Greenspan is a renowned American economist who served as the Chairman of the ‘Federal Reserve Board’ for a period of 19 years. Initially, he was interested in pursuing a career as a musician and played Clarinet and Saxophone with the famous musician and lifelong friend, Stan Getz. He did his doctorate in Economics from the reputed New York University. During this period he worked on the Wall Street which helped him land up a job with a consulting firm. He started taking interest in politics and helped Richard Nixon in his election campaign. A few years later he was asked to lead the ‘Council of Economic Advisers’ where he served for two terms. By this time his huge economic intellect was known to all and made him the most suitable person to become the ‘Chairman of the Board of Governors of the Federal Reserve’. During his long tenure of nineteen years, he introduced significant reforms and worked for improving the nation's economy. The following collection of Alan Greenspan’s famous quotations and sayings has been curated from his speeches, writings, work, books, interviews and life. Take a look at the notable quotes by Alan Greenspan on business, freedom, history, America, jobs, finance, policies and economics.
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.
Finance is wholly different from the rest the economy.
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.
If somebody had said to me in June or July of 1987, 'We'd like you to become chairman of the Federal Reserve, but you're never allowed to discuss any economics after you leave,' I'd have said, 'Forget it.' What do they want me to do? Become an anthropologist?'
Crony capitalism is essentially a condition in which... public officials are giving favours to people in the private sector in payment of political favours.
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.
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.
Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It's - given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
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.
One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won't tell you very much about what they're doing.
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.
We really can't forecast all that well, and yet we pretend that we can, but we really can't.
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.
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.
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.
Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow.
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.