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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.

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Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue

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

Market financed withdrawals of home equity in recent years.
ALAN GREENSPAN

Equity Financial Home Market Recent Withdrawl Year
Greenspan, who knew so much more than most, knew far less than most supposed.
ALAN GREENSPAN

Far Greenspan Knew Less More Most Suppose
Gold stands in the way of this insidious process. It stands as a protector of property rights.
ALAN GREENSPAN

Gold Insidious Process Property Protector Right Stand Way
The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
ALAN GREENSPAN

Country Crise Current End Financial Most Retrospect Since War Wrench
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
Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPAN

Dominant Euphoria Fear Force Many Multiply Size
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
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.
ALAN GREENSPAN

Always Debt Default Money Print Probability States United
The worst have failed; investors no longer fund them and are not likely to in the future.
ALAN GREENSPAN

Fail Future Investor Likely Longer Worst
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?
ALAN GREENSPAN

Asset Escalate Exuberance Irrational Unduly Value
The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN

Great Help Place Read Tub
Before I met Ayn Rand, I was a logical positivist, and accordingly,
ALAN GREENSPAN

Accordingly Before Logical Met People Positivist
If you think you understand what I am saying you do not understand what I am saying.
ALAN GREENSPAN

Say Think Understand
I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
ALAN GREENSPAN

Belief Context Dramatical General Growth Institution Market Occur Risk Structure
I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
ALAN GREENSPAN

Gold Governor Happen Little Market Question Raise Treasury
These days, even out of office, I still read economic reports.
ALAN GREENSPAN

Day Economic Office Out Read Report

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