I think the IMF has done as much as it thought it understood it could do, ... I don't know what alternative policies could have been implemented which could have significantly altered the pattern that emerged once the vicious cycle began to accumulate to the degree that it did.
More Quotes from Alan Greenspan:
Investing a portion of the Social Security trust fund assets in equities as the administration and others have proposed would arguably put at risk the efficiency of our capital markets and, thus, our economy,Alan Greenspan
But it is clear that, for the time being at least, the increase in spending on consumer goods and houses has come down several notches, albeit from very high levels.
Alan Greenspan
As the value of assets and liabilities have risen relative to income, we have been confronted with the potential for our economies to exhibit larger and perhaps more abrupt responses to changes in factors affecting the balance sheets of households and businesses,
Alan Greenspan
as many uncertainties over the next 18 years as it has over the past 18.
Alan Greenspan
That greater tendency toward self-correction has made the cyclical stability of the economy less dependent on the actions of macroeconomic policy makers, whose responses often have come too late or have been misguided.
Alan Greenspan
The world of antitrust is reminiscent of Alices Wonderland everything seemingly is, yet apparently isnt, 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 judges verdict after the fact.
Alan Greenspan
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