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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.

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Distortion Economy Experience Imbalance Local National Price Seem Severe Significant

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

So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN

Boost Different Process Rate Reason Suspect
The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN

Elegance Feel Generation Gut Important Mathematical More Old Trader Year
I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
ALAN GREENSPAN

Continue Go Higher Market More Stock
Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
ALAN GREENSPAN

Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute
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.
ALAN GREENSPAN

Asset Banker Bubble Central Collapse Concern Do Economy Financial Threaten
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.
ALAN GREENSPAN

Amateur Average Band Big Fade Fairy Good Musician Professional
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.
ALAN GREENSPAN

Crisis Finance Global Institution Neve Participant Recent Run Short Test Underscore Until
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
The number one problem in today’s generation and economy is the lack of financial literacy.
ALAN GREENSPAN

Economy Financial Generation Lack Literacy Number Problem Today
Credit-default swaps, I think, have serious problems associated with them.
ALAN GREENSPAN

Associate Credit Default Problem Serious Swap
You can’t have the capitalist system if an increasing number of people think it is unjust.
ALAN GREENSPAN

Capitalist Increase Number People System Unjust
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
We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
ALAN GREENSPAN

Anything Common Crise Human Like Look Nature
This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
ALAN GREENSPAN

Better Built Decade Example Financial Market Mousetrap People
Derivatives have permitted the unbundling of financial risks.
ALAN GREENSPAN

Derivative Financial Permit Risk Unbound

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