The process of innovation is, of course, never ending.

Greenspan, who knew so much more than most, knew far less than most supposed.

The process of innovation is, of course, never ending.

We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

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.

The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.

It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade. The worst have failed; investors no longer fund them and are not likely to in the future.