“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

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

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "While local economies may experience significant price imbalances, a national severe price distortion seems most unlike…" by Alan Greenspan?
Alan Greenspan photo
Alan Greenspan51
13th Chairman of the Federal Reserve in the United States 1926

Related quotes

J. Bradford DeLong photo

“Economists’ instincts are that uncertainty about current prices, future prices, and the real meaning of nominal trade-offs between the present and the future; distortions introduced by the failure of government finance to be inflation-neutral; windfall redistributions; and the focusing of attention not on preferences, factors of production, and technologies but on predicting the future evolution of nominal magnitudes must degrade the functioning of the price system and reduce the effectiveness of the market economy at providing consumer utility. The cumulative jump in the price level as a result of the inflation of the 1970s may have been very expensive to the United States in terms of the associated reduction in human welfare.”

J. Bradford DeLong (1960) American economist

Ch. 6 : "America’s Peacetime Inflation: The 1970s" in Reducing Inflation: Motivation and Strategy (1997) edited by Christina D. Romer and David H. Romer

Michał Kalecki photo

“It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist system, price flexibility proves to be a characteristic feature of the socialist economy.”

Michał Kalecki (1899–1970) Polish economist

Source: Theory of Economic Dynamics (1965), Chapter 5, Determination of National Income and Consumption, p. 63

Alan Greenspan photo

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

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

July 2005 http://www.startribune.com/nation/12598281.html, in testimony to the House Financial Services Committee. <br class="br">2000s

Karl Polanyi photo

“Market economy implies a self-regulating system of markets; in slightly more technical terms, it is an economy directed by market prices and nothing but market prices.”

Karl Polanyi book The Great Transformation

The Great Transformation (1944), Ch. 4 : Societies and Economic Systems

“Today, the concept behind project management is being applied in such diverse industries and organizations as defense, construction, pharmaceuticals, chemicals, banking, hospitals, accounting, advertising, law, state and local governments, and the United Nations.”

Harold Kerzner (1940) American engineer, management consultant

Source: Project management for executives (1982), p. 2

Dick Cheney photo

“Let us rid ourselves of the fiction that low oil prices are somehow good for the United States.”

Dick Cheney (1941) American politician and businessman

Remarks after introducing a legislation to create a new import tax that would have caused the price of oil to soar by billions of dollars per year http://query.nytimes.com/gst/fullpage.html?res=9C01E3D91F39F935A35757C0A9629C8B63 October 1986 <br class="br">1980s

John Mearsheimer photo

“The ideal situation for any state is to experience sharp economic growth while its rivals' economies grow slowly or hardly at all.”

John Mearsheimer book The Tragedy of Great Power Politics

Source: The Tragedy of Great Power Politics (2001), Chapter 5, Strategies for Survival, p. 144

“In traditional economic writings dealing with the economy as a whole, it is usually assumed that prices are highly flexible and that economic adjustment is brought about through price changes. We are going to examine inflexible prices.”

Gardiner C. Means (1896–1988) American economist

Gardiner C. Means, "Price inflexibility and the requirements of a stabilizing monetary policy." Journal of the American Statistical Association 30.190 (1935): 401-413.

Alan Greenspan photo

“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) 13th Chairman of the Federal Reserve in the United States

Greenspan on June 9, 2005 http://www.federalreserve.gov/boarddocs/testimony/2005/200506092/default.htm. <br class="br">2000s

T. E. Hulme photo

“The unit of significance in the poem is not the word but the phrase or sentence…a poet should consider the effect of the whole poem, not its local felicities.”

T. E. Hulme (1883–1917) English Imagist poet and critic

Lecture on Modern Poetry (1914)

Related topics