I'm A Better Economist Than I Was

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.

We Cannot Rule Out A Situation In Which A Preemptive Policy Tightening Becomes Necessary, ... Such Caution Seems Especially Warranted With Regard To The Sharp Rise In Equity Prices During The Past Two Years. These Gains Have Obviously Raised Questions Of Sustainability.

American Consumers Might Benefit If Lenders Provided Greater Mortgage Product Alternatives To The Traditional Fixed-rate Mortgage.

No Matter How Skillful The Trading Scheme, Over The Long Haul, Abnormal Returns Are Sustained Only Through Abnormal Exposure To Risk.

Nor Can Private Counterparties Restrict Supplies Of Gold, Another Commodity Whose Derivatives Are Often Traded Over-the-counter, Where Central Banks Stand Ready To Lease Gold In Increasing Quantities Should The Price Rise.