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How do we know when irrational exuberance has unduly escalated asset values?

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Escalate Exuberance Irrational Unduly Value

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

I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
ALAN GREENSPAN

Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
ALAN GREENSPAN

Ability Correct Economy Flexible Greater Inevitable More Response Self Unanticipated
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical
Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
ALAN GREENSPAN

Disbelief Institution Interest Lend Self Shareholder Shock
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
Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPAN

Accept Extremis Fiat God Money Nobody
People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
ALAN GREENSPAN

Cannot Cause Far Forecast Future Go People Realize Probability
So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN

Boost Different Process Rate Reason Suspect
At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
ALAN GREENSPAN

Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Difficult Notorious Predict Productivity
Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
ALAN GREENSPAN

Come Idea Innovative Nobody Senator Unfortunately
There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
ALAN GREENSPAN

Confiscation Deficit Hidden Safe Scheme Spend Store Value Wealth
Rules cannot take the place of character.
ALAN GREENSPAN

Character Place Rule
If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
ALAN GREENSPAN

Group Minute Pleasantries Political Rhetoric Security Solve
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

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