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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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Asset Escalate Exuberance Irrational Unduly Value

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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Alternative Benefit Choice Judgement Policy Probability
I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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Absolute Believe Fact Figure Moral Otherwise Proposition
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Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
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Anything that we can do to raise personal savings is very much in the interest of this country.
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Anything Country Interest Much Personal Raise Say
If I’ve made myself clear, I’ve misspoken.
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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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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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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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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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