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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.

Related Topics

Dominant Euphoria Many Multiply

Bagwalas

Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPAN

Immigration Significant
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
ALAN GREENSPAN

Abnormal Haul Long No Return Scheme Skillful Trade
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

ALAN GREENSPAN

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
ALAN GREENSPAN

Decade Escalate Irrational Subject
Revolutions are something you see only in retrospect.

ALAN GREENSPAN

Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect See Something
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.

ALAN GREENSPAN

Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN

Grop Possess Exist Senator
Indeed, better risk management may be the only truly necessary element of success in banking.

ALAN GREENSPAN

Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

Bank Indeed Only Truly
What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Probability
Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
ALAN GREENSPAN

Drive Household Out Tender
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Expansion Finance Most Significant
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN

Almost Came Deficit Destabilize Chronic Realization Stark Surplus
If I’ve made myself clear, I’ve misspoken.

ALAN GREENSPAN

If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN

Made Misspken
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.

ALAN GREENSPAN

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.
ALAN GREENSPAN

Arbitrary Guarantee Inspector Nothing
History cannot be reduced to a set of statistics and probabilities.
ALAN GREENSPAN

Probability Reduce Set Statics
In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
ALAN GREENSPAN

Already Caution Economy Momentum Must Possibly Predictable
I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
ALAN GREENSPAN

Cannot Cut Deficit Economy Overdo Overdue Political Realistic

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