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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.

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The guiding purpose of the government regulator is to prevent rather than to create something.
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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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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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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.
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Rules cannot take the place of character.
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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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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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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.
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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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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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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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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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