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Credit-default swaps, I think, have serious problems associated with them.

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Associate Credit Default Problem Serious Swap

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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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I’m a better economist than I was a sax player.
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No one has ever eliminated any of that stuff.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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The tub helps me relax, and it’s a great place to read.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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