15 quotes
When trust is lost, a nation's ability to transact business is palpably undermined.
The Age of Turbulence (2008)
Globalization was exerting a dis-inflationary impact.
The Age of Turbulence (2008)
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
The Age of Turbulence (2008)
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
The Age of Turbulence (2008)
Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.
The Age of Turbulence (2008)
From the development of the textile loom two centuries ago to today's Internet, output per hour has increased fifty fold.
The Age of Turbulence (2008)
The Fabians laid the groundwork for modern social democracy, and their influence on the world would end up being at least as powerful as that of Marx.
The Age of Turbulence (2008)
The need for values is inbred. Their content is not.
The Age of Turbulence (2008)
We generally did not talk about the stock market very much at the Fed.
The Age of Turbulence (2008)
I was intellectually limited until I met her.
The Age of Turbulence (2008)
An area in which more rather than less government involvement is needed, in my judgment, is the rooting out of fraud. It is the bane of any market system.
The Age of Turbulence (2008)
Treasury Secretary Brady didn't like the Fed either. He and the president were friends and had a lot in common-both were wealthy, Yale educated patricians and members of Skull and Bones.
The Age of Turbulence (2008)
The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
The Age of Turbulence (2008)
Much of the securitization took the form of collateralized debt obligations (CDOs) with senior credit tranches certified by rating agencies as AAA. It was the failure to properly price such risky assets that characterized the crisis.
The Age of Turbulence (2008)
It's hard to overemphasize how important Ford's deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first. Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s:...
The Age of Turbulence (2008)