# The Age of Turbulence - Author: [Alan Greenspan](https://www.leafyquotes.com/alan-greenspan.md) - Quotes: 17 - Book page: https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence ## Quotes > An area in which more rather than less government involvement is needed, in my judgment, is the rooting out of fraud. It is the bane of any market system. p. 375 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/an-area-in-which.md) > From the development of the textile loom two centuries ago to today's Internet, output per hour has increased fifty fold. p. 471 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/from-the-development.md) > Over the years I have had the most contact with Lee Kuan Yew, most recently in 2006, and have always found him impressive, even though we do not always see eye to eye. I met him first when he was George Shultz's guest at the famous (or infamous, depending on your perspective) Bohemian Grove, a male only bonding retreat among the redwoods of California. p. 312 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/over-the-years.md) > 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. p. 465 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/the-probability-of-ten.md) > Much of the securitization took the form of collateralized debt obligations (CDOs) with senior credit tranches certified by rating agencies as AAA. It was the failure to properly price such risky assets that characterized the crisis. p. 512 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/much-of-the.md) > In general, corruption tends to exist whenever governments have favors to extend, or something to sell. p. 275 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/in-general-corruption.md) > Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy. p. 214 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/of-course-shedding.md) > Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures. p. 36 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/modern-dynamic-economies.md) > We generally did not talk about the stock market very much at the Fed. p. 165 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/we-generally-did.md) > The Fabians laid the groundwork for modern social democracy, and their influence on the world would end up being at least as powerful as that of Marx. p. 265 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/the-fabians-laid.md) > When trust is lost, a nation's ability to transact business is palpably undermined. p. 256 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/when-trust-is-lost.md) > The need for values is inbred. Their content is not. p. 17 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/the-need-for.md) > 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:... p. 72 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/its-hard-to-overemphasize.md) > I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits. p. 218 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/i-came-to-a-stark.md) > Treasury Secretary Brady didn't like the Fed either. He and the president were friends and had a lot in common-both were wealthy, Yale educated patricians and members of Skull and Bones. p. 119 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/treasury-secretary-brady.md) > It did not go without notice that Ayn Rand stood beside me as I took the oath of office in the presence of President Ford in the Oval Office. Ayn Rand and I remained close until she died in 1982, and I'm grateful for the influence she had on my life. I was intellectually limited until I met her. p. 52 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/it-did-not.md) > Globalization was exerting a dis-inflationary impact. p. 228 — [Quote page](https://www.leafyquotes.com/alan-greenspan/the-age-of-turbulence/globalization-was-exerting.md)