Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

What an ideology is is a conceptual framework with the way people deal with reality. Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.

I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.

If prices go down, we will have problems - problems in the sense of spillover to other areas.

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.

I love facts and figures. It's like following a detective story, piecing together what's going on in the economy.

You can't have the capitalist system if an increasing number of people think it is unjust.