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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

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
The tub helps me relax, and it’s a great place to read.
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Great Help Place Read Tub
Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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Accurate Everyone Exist Ideology Need Question
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
Productivity is notoriously difficult to predict.
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Difficult Notorious Predict Productivity
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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Crisis Finance Global Institution Neve Participant Recent Run Short Test Underscore Until
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
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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Assume Grop Knowledge Possess Exist Senator Understand
I’m a better economist than I was a sax player.
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Better Economist Player
Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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Currency Dollar Evidence Gold Look Premier Remember Still
The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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Always Debt Default Money Print Probability States United
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Come Down Fear Hit Look Sharply Start That
Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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Caution During Especially Past Price Regard Rise Sharp Two Warranted Year
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Decade Development During Event Expansion Extraordinary Far Finance Most Significant
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
Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPAN

Accept Extremis Fiat God Money Nobody

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