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Alan Greenspan citations
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Alan Greenspan, né le 6 mars 1926 à New York, est un économiste américain. Il fut président de la Réserve fédérale, la banque centrale des États-Unis, du 11 août 1987 au 31 janvier 2006.

Spécialiste de la politique monétaire intérieure des États-Unis, sa gestion du krach d'octobre 1987 et de l’inflation pendant son mandat est reconnue. Louant sa grande expérience, les médias l'ont appelé « l'économiste des économistes », ou le « Maestro », au regard de l'engouement des années 1990 pour la technologie, qu'il a favorisé. Il a cependant été mis en cause lors de la crise des subprimes pour avoir laissé fortement augmenter la masse monétaire à la fin de son mandat, par une politique de taux d'intérêt très bas suivie d'un redressement important des taux directeurs, et pour avoir ignoré des mises en garde concernant le marché des subprimes émanant du conseil de la Réserve fédérale, notamment d'Edward Gramlich,. Wikipedia  

✵ 6. mars 1926
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Alan Greenspan Citations

“Si vous m'avez compris, c'est sans doute que je me suis mal exprimé!”

Alan Greenspan

L'une de ses plus célèbres sentences.

Alan Greenspan: Citations en anglais

“[There are] signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”

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Alan Greenspan

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

“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.”

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Alan Greenspan

Testimony Before the Committee on Banking and Financial Services, U.S. House of Representatives July 24, 1998 http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm.
1990s

“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.”

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Alan Greenspan

Greenspan in 1959. http://www.safehaven.com/article-171.htm.
1950–60s

“Globalization was exerting a dis-inflationary impact.”

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Alan Greenspan

Source: 2000s, The Age of Turbulence (2008), Chapter Eleven, "The Nation Challenged", p. 228.

“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.”

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Alan Greenspan

Speaking to a Hearing before the U.S. House of Representatives' Committee on Financial Services in 7/22/1998 http://fraser.stlouisfed.org/publication-issue/?id=13650
1990s

“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.”

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Alan Greenspan

September 2007 http://www.startribune.com/nation/12598281.html, Greenspan's memoir The Age of Turbulence: Adventures in the New World.
2000s

“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.”

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Alan Greenspan

The Assault on Integrity http://homepage.mac.com/tomdalekeever/greenspanintegrity.html 1963
1950–60s

“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:…”

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Alan Greenspan

Source: 2000s, The Age of Turbulence (2008), Chapter Three, "Economics Meets Politics", p. 72.

“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I said.”

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Alan Greenspan

1988 speech, as quoted in The New York Times, October 28, 2005.
Sometimes misquoted as: "If I have made myself clear, I've misspoken."
1980s

“Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.”

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Alan Greenspan

Source: 2000s, The Age of Turbulence (2008), Chapter One, "City Kid", p. 36.

“Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.”

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Alan Greenspan

May 2005 http://www.nytimes.com/2005/05/21/business/21fed.html?_r=1&oref=slogin, 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 price increases unsustainable.
2000s

“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.”

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Alan Greenspan

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

“When trust is lost, a nation's ability to transact business is palpably undermined.”

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Alan Greenspan

Source: 2000s, The Age of Turbulence (2008), Chapter Twelve, "The Universals of Economic Growth", p. 256.

“We had a bubble in housing.”

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Alan Greenspan

The NewsHour with Jim Lehrer (18 September 2007), " Alan Greenspan Interview with Jim Lehrer http://youtube.com/watch?v=yU4WjhijOMY".
2000s

“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.”

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Alan Greenspan

Source: 2000s, The Age of Turbulence (2008), Chapter Twenty-Five, "The Delphic Future", p. 465.

“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.”

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Alan Greenspan

October 19, 2004 http://www.federalreserve.gov/boarddocs/speeches/2004/20041019/default.htm, playing down the threat of a national housing bubble.
2000s

“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.”

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Alan Greenspan

"Antitrust", essay at the National Association of Business Economists (25 September 1961); published in Rand, Capitalism: The Unknown Ideal.
1950–60s

“I think Bill Clinton was the best Republican president we've had in a while.”

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Alan Greenspan

As quoted in Meet The Press http://www.nbcnews.com/id/20941413/page/4#.VWY7_NJViko (23 September 2007).
2000s

“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.”

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Alan Greenspan

Slate, 6 February 1997; as cited by Orrin Judd at brothersjuddblog http://www.brothersjudd.com/blog/archives/014839.html, 14 August 2004

“It hardly makes any difference who will be the next president. The world is governed by market forces.”

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Alan Greenspan

https://www.theguardian.com/commentisfree/2018/jul/29/city-of-london-desperate-gamble-china-vulnerable-economy when asked by the Swiss newspaper Tages-Anzeiger who, in his view, would be the next president of the United States
2000s

“Thus, the willingness of workers in recent years to trade off smaller increases in wages for greater job security seems to be reasonably well documented.”

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Alan Greenspan

Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 26, 1997 https://www.federalreserve.gov/boarddocs/hh/1997/february/testimony.htm
1990s