Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.

Productivity is notoriously difficult to predict.

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

Senator, we are groping for understanding, the knowledge you assume I possess doesn't exist' - 'The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills' - 'Senator, if I seem clear to you, you must have misunderstood me' - 'Unfortunately, Senator, nobody knows where the next innovative idea is coming from. Political decisions are never random and will always lose out to innovative alternatives

Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.

Indeed, better risk management may be the only truly necessary element of success in banking.

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.