The Process Of Innovation Is,

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.

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.

We Need, In Effect, To Make The Phantom 'lock-boxes' Around The Trust Fund Real.

Excessive Optimism Sows The Seeds Of Its Own Reversal.

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. The Number Of Mistakes I Have Made Are Just Awesome. There Is No Number Large Enough To Account For That.