It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.
From Alan Greenspan
Fear invariably and universally induces disengagement, and disengagement is negative division of labor.
The central focus of what we are doing at the Fed is to keep inflation from accelerating - and preferably decelerating.
I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
I've always considered myself more of a mathematician than a psychologist.
The only thing that was economic, I might say, about my music career, aside from the fact that I did everybody's tax returns in the band, was the decision I made to leave the music business on economic grounds.
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading. So I made an economic decision, and it turned out the best judgment I ever made in my life.
I wasn't able to do much reading when I was chairman of the Reserve Board. The workload was too large, and the luxury of reading was not available to me. So I caught up a good deal when I left office.
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