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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.

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Base Business Deal Fear Force Regulation Undermine

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

I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN

Acknowledge Country Inconvenient Large Saddened
We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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Necessary Out Policy Preëmptive Rule Situation Tight
If I say something which you understand fully in this regard, I probably made a mistake.
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Made Mistake Probably Regard Something Understand
Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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Confiscation Deficit Scheme Simply Spend
Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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Capacity Drive Enable Household Improvement Information Lead Out Practice Reach Technology Tender
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?
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Country Decade Escalate Irrational Past Subject
Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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Adequate Ago Buffer Decline Deep Home One Piece Purchase Residence Year
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Aftermath Dealt History Period Premium Protracted Risk
Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Gold Insidious Process Properly Right Stand
I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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Absolute Believe Fact Figure Moral Otherwise Proposition
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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Among Configuration Market Occasionally Price Priest Some Succeed
Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Able Archive Been Clarity Emotively Future Pre Regulator Require
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.
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Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Consequence Country Degree Income Reduce Skill Supply Unable Wage Work
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
The process of innovation is, of course, never ending.
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Course Ending Innovation never Process

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