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Alan Greenspan Berühmte Zitate

„Seit ich Notenbanker geworden bin, habe ich gelernt, in großer Zusammenhanglosigkeit zu murmeln. Wenn ich Ihnen über Gebühr klar erscheine, müssen Sie falsch verstanden haben, was ich gesagt habe.“

Alan Greenspan

1987 vor dem US-Kongreß, The San Francisco Chronicle, 9. Juni 1995, zitiert nach wordspy.com http://www.wordspy.com/WAW/Greenspan-Alan.asp
Original engl.: "Since I've become a central banker, I've learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said."

„Zunächst, lasst uns darüber im Klaren sein, dass es sich hier um ein Ereignis handelt, das einmal in einem halben Jahrhundert, vielleicht einmal in einem Jahrhundert auftritt.“

Alan Greenspan

Über die Finanzkrise 2007-2009 am 14. September 2008 in "This Week" von ABC, AFP-google, 14. September 2008 http://web.archive.org/web/20080918145801/http://afp.google.com/article/ALeqM5i6u55aefaUf_RXJC4-5kcva-gyWQ
Original engl.: "First of all, let's recognize that this is a once-in-a-half-century, probably once-in-a-century type of event."

„Wenn sie zu groß sind, um Bankrott zu gehen, sind sie zu groß. … In 1911 zerschlugen wir Standard Oil. Na, und was passierte? Die einzelnen Teile wurden wertvoller als das Ganze. Kann sein, dass es das ist, was wir brauchen.“

Alan Greenspan

Über systemrelevante Unternehmen am 15. Oktober 2009 bei einem Meeting des Council on Foreign Relations "C. Peter McColough Series on International Economics: The Global Financial Crisis: Causes and Consequences" ( Transcript http://www.cfr.org/publication/20417/)
Original engl.: "If they're too big to fail, they're too big. ... In 1911, we broke up Standard Oil. So what happened? The individual parts became more valuable than the whole. Maybe that's what we need."

Alan Greenspan: Zitate auf Englisch

“I was intellectually limited until I met her.”

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Alan Greenspan

Quelle: 2000s, The Age of Turbulence (2008), Chapter Two, "The Making of an Economist", p. 52.
Kontext: 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.

“It was the failure to properly price such risky assets that characterized the crisis.”

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Alan Greenspan

"Epilogue", p. 512.
2000s, The Age of Turbulence (2008)
Kontext: 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.

“I know you think you understand what you thought I said, but I'm not sure you realize that what you heard is not what I meant”

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Alan Greenspan

Attributed to Greenspan by Rupert Cornwell, "Alan Greenspan: The buck starts here" http://www.independent.co.uk/news/people/profiles/alan-greenspan-the-buck-starts-here-595789.html, The Independent, 27 April 2003, citing an unspecified Capitol Hill hearing. However, as Ralph Keyes notes in The Quote Verifier (2006, p. 233), "This popular tongue twister gets attributed to the obfuscator du jour." The earliest known print attribution is to Robert McCloskey, U.S. State Department spokesman, by Marvin Kalb, CBS reporter, in TV Guide, 31 March 1984, citing an unspecified press briefing during the Vietnam war.
Earlier attributions include: "a high government official", Annual Report, North American Gas Tax Conference, Federation of Tax Administrators, 1967; Jerry Lewis (a sign pasted on the camera during a movie shoot), by Dick Kleiner, Hollywood Correspondent, Sumter Daily Item, Feb. 4, 1970; a sign on the desk of Suzanne Schroeder, collector of bureaucratic gobbledygook, AP wire story, Sarasota Herald-Tribune, July 3, 1973; Jack Nicklaus paraphrasing Richard Nixon, by Larry Dorman, The Palm Beach Post, Dec. 8, 1979; and "a Hollywood film director", by J.D. Douglas, The Third Way, 29 December 1977. Additionally, a thesis monograph by Michael David Katz, Georgia State University, 1973 is titled with the quote.
On the back of the first Stealers Wheel album, a very similar statement attributed to band member Rod Coombes is found: "We know that you believe you understand what you think we said, but we are not sure you realize that what you heard is not what we meant." The album was released in 1972.
See Richard Nixon: "Now, when individuals read the entire transcript of the [March] 21st [1973] meeting, or hear the entire tape, where we discussed all these options, they may reach different interpretations, but I know what I meant, and I know also what I did"
Misattributed

“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.”

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Alan Greenspan

Novermber 2004 in a speech in Frankfurt.
2000s

“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.”

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Alan Greenspan

Quelle: 2000s, The Age of Turbulence (2008), Chapter Nineteen, "Globalization and Regulation", p. 375.

“We are going through a period with no precedent in American history.”

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Alan Greenspan

quoted in "The Hand on the Lever" http://www.newyorker.com/magazine/2014/07/21/the-hand-on-the-lever in The New Yorker (July 21, 2014) by Nicholas Lemann
2010s

“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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Alan Greenspan

Speech to the Commercial Finance Association on October 26, 2006, as reported by the Associated Press ( "Finally, Greenspan can speak his mind" http://www.msnbc.msn.com/id/15428994/ns/business-us_business/t/finally-greenspan-can-speak-his-mind/).
2000s

“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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Alan Greenspan

Quelle: 2000s, The Age of Turbulence (2008), Chapter Twenty-Five, "The Delphic Future", p. 471.

“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.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.”

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Alan Greenspan

Gold and Economic Freedom http://www.constitution.org/mon/greenspan_gold.htm 1966
1950–60s

“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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Alan Greenspan

July 2005 http://www.startribune.com/nation/12598281.html, in testimony to the House Financial Services Committee.
2000s

“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.”

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Alan Greenspan

Speaking to a Senate Committee in 1987, as quoted in the Guardian Weekly, November 4, 2005.
1980s

“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.”

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Alan Greenspan

March 10, 2005 http://www.federalreserve.gov/boarddocs/speeches/2005/20050310/default.htm.
2000s

“I really didn't get it until very late in 2005 and 2006.”

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Alan Greenspan

Reuters (13 September 2007), " Greenspan says didn't see subprime storm brewing http://biz.yahoo.com/rb/070913/usa_economy_greenspan.html?.v=4".
2000s

“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.”

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Alan Greenspan

The NewsHour with Jim Lehrer (18 September 2007), " Alan Greenspan Interview with Jim Lehrer http://www.pbs.org/newshour/bb/business-july-dec07-greenspan_09-18/".
2000s

“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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Alan Greenspan

cited in: Quotes of 2008: 'We are in a state of shocked disbelief' http://www.independent.co.uk/news/business/analysis-and-features/quotes-of-2008-we-are-in-a-state-of-shocked-disbelief-1220057.html, Jan 01, 2009.
2000s

“In general, corruption tends to exist whenever governments have favors to extend, or something to sell.”

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Alan Greenspan

Quelle: 2000s, The Age of Turbulence (2008), Chapter Thirteen, "The Modes of Capitalism", p. 275.

“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?”

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Alan Greenspan

Francis Boyer Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996 http://www.federalreserve.gov/boarddocs/speeches/1996/19961205.htm.
1990s

“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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Alan Greenspan

Quelle: 2000s, The Age of Turbulence (2008), Chapter Five, "Black Monday", p. 119.

“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.”

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Alan Greenspan

Alan Greenspan (2004) The critical role of education in the nation's economy.
2000s

“History has not dealt kindly with the aftermath of protracted periods of low risk premiums.”

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Alan Greenspan

At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 26, 2005 http://www.federalreserve.gov/Boarddocs/Speeches/2005/20050826/default.htm.
2000s

“The need for values is inbred. Their content is not.”

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Alan Greenspan

"Introduction" p. 17.
2000s, The Age of Turbulence (2008)

“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.”

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Alan Greenspan

February 2004 http://www.startribune.com/nation/12598281.html, in a speech praising the benefits of adjustable-rate mortgages.
2000s

“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.”

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Alan Greenspan

Quelle: 2000s, The Age of Turbulence (2008), Chapter Twelve, "The Universals of Economic Growth", p. 265.

“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.”

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Alan Greenspan

Greenspan on June 9, 2005 http://www.federalreserve.gov/boarddocs/testimony/2005/200506092/default.htm.
2000s

“Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.”

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Alan Greenspan

December 2007 http://www.startribune.com/nation/12598281.html, 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 interest rates.
2000s

“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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Alan Greenspan

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.
1970s