“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

September 2007 http://www.startribune.com/nation/12598281.html, Greenspan's memoir The Age of Turbulence: Adventures in the New World.
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 "I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk. But I believed…" by Alan Greenspan?

Alan Greenspan 51

13th Chairman of the Federal Reserve in the United States 1926

Related quotes

“Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts… We have a subprime financial system, not a subprime mortgage market.”

Nouriel Roubini (1958) American economist

Quoted in Stephen Mihm, "Dr. Doom," http://www.nytimes.com/2008/08/17/magazine/17pessimist-t.html?_r=1&oref=slogin The New York Times (2008-08-15).

“Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.”

Michael Lewis book The Big Short

Source: The Big Short (2010), Chapter Three, " How Can A Guy Who Can't Speak English Lie?", p. 80

“You have to believe there are kisses and laughs and risks worth taking.”

David Levithan (1972) American author and editor

Source: How They Met, and Other Stories

“The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.”

Ron Paul (1935) American politician and physician

CONFERENCE REPORT ON S. 900, GRAMM-LEACH-BLILEY ACT, November 8, 1999 http://www.house.gov/paul/congrec/congrec99/cr110899-glb.htm
1990s

“I think given the choice between loving Mare - betrayal included - and never knowing her, I'd chose love. I risked, and I lost, but the risk was still worth it.”

Brandon Sanderson (1975) American fantasy writer

Source: The Final Empire

“In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on ensuring macroeconomic and financial stability and very wary of financial innovation if it carries with it any risk of increased instability.”

Adair Turner, Baron Turner of Ecchinswell (1955) British businessman

Source: Economics after the crisis : objectives and means (2012), Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution

“Culture is worth a little risk.”

Norman Mailer (1923–2007) American novelist, journalist, essayist, playwright, film maker, actor and political candidate

As quoted in "The Poetic License to Kill" by Lance Morrow, in TIME magazine (1 February 1982) http://www.time.com/time/printout/0,8816,955021,00.html

“I now believe that there simply is no mainstream academic or other field (as of today) that can be considered to be "the locus of relevant expertise" regarding potential risks from advanced AI. These risks involve a combination of technical and social considerations that don't pertain directly to any recognizable near-term problems in the world, and aren't naturally relevant to any particular branch of computer science.”

Holden Karnofsky (1981) American nonprofit executive

In "Three Key Issues I've Changed My Mind About" https://www.openphilanthropy.org/blog/three-key-issues-ive-changed-my-mind-about, September 2016
Context: I now believe that there simply is no mainstream academic or other field (as of today) that can be considered to be "the locus of relevant expertise" regarding potential risks from advanced AI. These risks involve a combination of technical and social considerations that don't pertain directly to any recognizable near-term problems in the world, and aren't naturally relevant to any particular branch of computer science. This is a major update for me: I've been very surprised that an issue so potentially important has, to date, commanded so little attention – and that the attention it has received has been significantly (though not exclusively) due to people in the effective altruism community.

“For what it’s worth: trust your feelings. I can’t promise that you’ll never get hurt again, but I can promise you the risk is worth it.”

Rick Riordan book The Serpent's Shadow

Source: The Serpent's Shadow

“Love's scary, and sometimes it's transient. But it's worth the risks and the nerves. It's even worth the pain.”

Nora Roberts Vision in White

Source: Vision in White

“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.”

Help us to complete the source, original and additional information

Alan Greenspan 51

Related quotes

Related topics