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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.

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

I’m a plain soap kind of guy.
ALAN GREENSPAN

Guy Kind Plain Soap
Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Buddle Call Clear Issue National Overall Pattern Pretty Unsustainable Without
The worst have failed; investors no longer fund them and are not likely to in the future.
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Fail Future Investor Likely Longer Worst
The Iraq War is largely about oil.
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Country Largely Oil War
The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
Rules cannot take the place of character.
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Character Place Rule
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
It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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Benefit Deregulation Hard Important Look Overemphasize True Year
No one has ever eliminated any of that stuff.
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Eliminate No One Stuff
Before I met Ayn Rand, I was a logical positivist, and accordingly,
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Accordingly Before Logical Met People Positivist
It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
If prices go down, we will have problems – problems in the sense of spillover to other areas.
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Area Other Price Problem Spillover
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.
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There are no easy choices. Easy choices are long gone.
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Choice Easy Gone Long No
We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Earning Exhibited Inflation Inverse Past Price Ratio Relationship See
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Acknowledge Country Inconvenient Large Saddened
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
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Detective Economy Fact Follow Love Piece Story Together
It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Function Human Keep Minimum Nature Regrettably Successful
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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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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Derivate Negotiate Privately Profession Regulation Transaction
We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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Basic Communication Education Foundation Importance Learn Solid Soon Succeed
But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Come Exploit Material Other Possible Satisfy Success
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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Country Economy Function Harbor Violence World
The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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Better Change Come Credit Difficult Economy Extend Find Firm Lag Need Number Small Turn
As long as we issue fiat currency, I see no alternative to a legal tender law.
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Alternative Currency Issue Law Legal Long Tender

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