This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
Alan GreenspanAnything that we can do to raise personal savings is very much in the interest of this country.
Alan GreenspanCash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
Alan GreenspanNo matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
Alan GreenspanSkilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism. In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals. Eliminating such restrictions would reduce at least some of the income inequality.
Alan Greenspan