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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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Excessive Grow Over Own Reversal Seed Show Time

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

I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
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.
ALAN GREENSPAN

Boost Finance Free Income Increase Interest Keep Lower Productive Rate Real Saving
Senator, if I seem clear to you, you must have misunderstood me’.
ALAN GREENSPAN

Clear Misunderstood Seem Senator
Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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Come Idea Innovative Nobody Senator Unfortunately
Before I met Ayn Rand, I was a logical positivist, and accordingly,
ALAN GREENSPAN

Accordingly Before Logical Met People Positivist
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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Competency Experience Foundation Manipulation Mathematics Numerical Understand
So there is no reason to suspect that the actual process of boosting rates would be any different.
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Boost Different Process Rate Reason Suspect
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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Derivative Extraordinary Marketplace Over Useful Year
It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
ALAN GREENSPAN

Benefit Deregulation Hard Important Look Overemphasize True Year
And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Destruction Mass Over Publicize Weapon Whatever
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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Deserve End Lose Neither Power Principle Republication Swap
In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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Competitively Immigration Income Level Process Profession Quota Support
Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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Capacity Drive Enable Household Improvement Information Lead Out Practice Reach Technology Tender
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Exist Extend Favor General Government Sell Something
History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Demonstrate Excessive Financial History Optimism Particular Wave

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