Credit-default Swaps, I Think, Have

By Far The Most Significant Event In Finance During The Past Decade Has Been The Extraordinary Development And Expansion Of Financial Derivatives.

There Is No Evidence That The Business Cycle Has Been Repealed.

There Is Nothing To Guarantee The Superior Judgment, Knowledge, And Integrity Of An Inspector Or A Bureaucrat-and The Deadly Consequences Of Entrusting Him With Arbitrary Power Are Obvious.

What We Have Found Over The Years In The Marketplace Is That Derivatives Have Been An Extraordinarily Useful Vehicle To Transfer Risk From Those Who Shouldn't Be Taking It To Those Who Are Willing To And Are Capable Of Doing So.

We As Central Bankers Need Not Be Concerned If A Collapsing Financial Asset Bubble Does Not Threaten To Impair The Real Economy, Its Production, Jobs And Price Stability.