Cash Is Available And We

There Is No Evidence That The Business Cycle Has Been Repealed.

Without Calling The Overall National Issue A Bubble, It's Pretty Clear That It's An Unsustainable Underlying Pattern.

In An Economy That Already Has Lost Some Momentum, One Must Remain Alert To The Possibility That Greater Caution And Weakening Asset Values In Financial Markets Could Signal Or Precipitate An Excessive Softening In Household And Business Spending.

I Do Not Deny That Many Appear To Have Succeeded In A Material Way By Cutting Corners And By Manipulating Associates, Both In Their Professional And In Their Personal Lives. But Material Success Is Possible In This World And Far More Satisfying When It Comes Without Exploiting Others.

I Have One Other Issue I'd Like To Throw On The Table. I Hesitate To Do It, But Let Me Tell You Some Of The Issues That Are Involved Here. If We Are Dealing With Psychology, Then The Thermometers One Uses To Measure It Have An Effect. I Was Raising The Question On The Side With Governor Mullins Of What Would Happen If The Treasury Sold A Little Gold In This Market. There's An Interesting Question Here Because If The Gold Price Broke In That Context, The Thermometer Would Not Be Just A Measuring Tool. It Would Basically Affect The Underlying Psychology.