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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?

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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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I’m a better economist than I was a sax player.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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I’m a plain soap kind of guy.
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I have long argued that paying down the national debt is beneficial for the economy.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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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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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.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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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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These days, even out of office, I still read economic reports.
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How do we know when irrational exuberance has unduly escalated asset values?
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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