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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.

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Box Effect Fund Lock Make Need Phantom Real Trust

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
ALAN GREENSPAN

Bank Equity Especially Interest Mistake Organisation Presume Self Share
Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Dominant Euphoria Fear Force Many Multiply Size
The process of innovation is, of course, never ending.
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Course Ending Innovation never Process
We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Benefit Cash Guarantee Like Power Purchase
A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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Bank Decline Foreclosure Housing Level National Need Significant Substantial Trigger
If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
ALAN GREENSPAN

Group Minute Pleasantries Political Rhetoric Security Solve
I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
ALAN GREENSPAN

Gold Governor Happen Little Market Question Raise Treasury
While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
ALAN GREENSPAN

Accelerate Circumstance Dramatic Economic Innovation Offer Return Tendency Train
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Exist Extend Favor General Government Sell Something
I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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All Always Argue Benefited Country Draw Fact Immensely Over People World
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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Almost Came Deficit Destabilize Chronic Realization Stark Surplus
There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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Arbitrary Death Guarantee Inspector Integrity Judgement Knowledge Nothing Superior
Any informed borrower is simply less vulnerable to fraud and abuse.
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Abuse Borrower Fraud Inform Less Simply Vulnerable
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
ALAN GREENSPAN

Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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Goad Growth Improve Mean Preventative Snoop Statics System

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