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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.

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Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort

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

The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
ALAN GREENSPAN

Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
ALAN GREENSPAN

Borrow Down Equity Historical Payment Significant Some Unusual Wipe
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
ALAN GREENSPAN

Belief Context Dramatical General Growth Institution Market Occur Risk Structure
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
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Create Government Guild Prevent Purpose Rather Regulation Something
If you think you understand what I am saying you do not understand what I am saying.
ALAN GREENSPAN

Say Think Understand
Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
ALAN GREENSPAN

Commodity Currency Demand God Gold Jewelry Thrust Unlike
I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
ALAN GREENSPAN

Federal Reserve Initiation Market Pressure Themselves Think
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
ALAN GREENSPAN

Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural
The worst have failed; investors no longer fund them and are not likely to in the future.
ALAN GREENSPAN

Fail Future Investor Likely Longer Worst
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
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
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN

Acknowledge Country Inconvenient Large Saddened
The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
ALAN GREENSPAN

Confront Expectation Frightened Lack Problem Regulation Unrealistic
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

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