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History cannot be reduced to a set of statistics and probabilities.

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History Probability Reduce Set Statics

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

They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
ALAN GREENSPAN

Consider Distribution Economy Future Likely Outcome Path Possible
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
ALAN GREENSPAN

Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
But material success is possible in this world and far more satisfying when it comes without exploiting others.
ALAN GREENSPAN

Come Exploit Material Other Possible Satisfy Success
It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
ALAN GREENSPAN

Function Human Keep Minimum Nature Regrettably Successful
It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
ALAN GREENSPAN

Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
The Iraq War is largely about oil.
ALAN GREENSPAN

Country Largely Oil War
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute
The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN

Coin Consecutive Head Investor Million Percent Pick Probably Stock Ten Tosser
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
ALAN GREENSPAN

Almost Antagonism Gold Issue Persuasion Standard Towards Unite
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.
ALAN GREENSPAN

Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
And she always has so much fun doing it. We make a good team.
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Always Do Make Fun Good Much Team
Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

Bank Better Indeed Management Necessary Only Risk Truly
I’m a plain soap kind of guy.
ALAN GREENSPAN

Guy Kind Plain Soap
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
Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
ALAN GREENSPAN

Accurate Everyone Exist Ideology Need Question

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