Wednesday, October 15, 2008

Who is your god?

There are really disturbing trends--huge imbalances, disequilibria of risk--call them what you will, altogether the circumstances seem to me as dangerous and intractable as any I can remember--and I can remember quite a lot. I don't know whether change will come with a bang or a whimper, whether sooner or later, but as things stand, it is more likely it will be a financial crisis rather than policy foresight that will force the change.
- Paul Volker, Feb 11 2005
Prolonged periods of expansion promote a greater rational willingness to take risks, a pattern very difficult to avert by a modest tightening of monetary policy.
-Alan Greenspan

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