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View Diary: Open Source Research Project: Alan Greenspan (284 comments)

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  •  citation on Greenspan ARM endorsement (none)
    Here's the key paragraph:

    speech to bankers

    American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. To the degree that households are driven by fears of payment shocks but are willing to manage their own interest rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home.

    And, just to hit the irony button: this was a speech to a bunch of kids:

    kids' financial conference

    Decades from now, as you begin to contemplate retirement, you will want to be able to say that whatever success you achieved was the result of honest and productive work and that you dealt with people the way you would want them to deal with you. It is decidedly not true that "nice guys finish last," as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
    I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others. The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
    I cannot speak for others whose psyches I may not be able to comprehend. But in my working life, I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well. Human relations--be they personal or professional--are not, and should not be treated as, zero-sum games.

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