There is a kind of a cascading chain, ... If one can't sell, then that business doesn't buy and that means the next business doesn't sell, and the previous business doesn't sell, and so on.

The last duty of a central banker is to tell the public the truth.

'Murphys law of economic policy': Economists have the least influence on policy where they know the most and are most agreed; they have the most influence on policy where they know the least and disagree most vehemently.

If you try to give an on-the-one-hand-or-the-other- hand answer, only one of the hands tends to get quoted.

There is a kind of a cascading chain, ... If one can't sell, then that business doesn't buy and that means the next business doesn't sell, and the previous business doesn't sell, and so on.

And the maestro surely wielded the chairman's baton with extraordinary skill. His stellar record suggests that the only right answer to the age-old question of whether it is better to be lucky or good may be: both.

In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters. And there would be an inventory pileup. And then - bam - businesses would react, sometimes violently, by cutting production.