"There is no alternative to basing actions on forecasts, at least implicitly.
It means that often we need to tighten or ease before the need for action is evident to the public at large, and that policy may have to reverse course from time to time as the underlying forces acting on the economy shift.
This process is not easy to get right at all times, and it is often difficult to convey to the American people, whose support is essential to our mission."
Greenspan in 1996 (the famous "irrational exuberance" speech):
"The Federal Reserve's most important mission, of course, is monetary policy.
I wish I could say that there is a bound volume of immutable instructions on my desk on how effectively to implement policy to achieve our goals of maximum employment, sustainable economic growth, and price stability.
Instead, we have to deal with a dynamic, continuously evolving economy whose structure appears to change from business cycle to business cycle...."
'There is nothing new under the sun.'
"If our superiority in producing computer-based technologies persuasively demonstrates the continuing vitality of our economy, why does such a large part of our populace seem discontented and insecure?"
-Alan Greenspan, 1995 https://t.co/dufrQax4yi
@Big_McLrgHuge people are raised UP and human creativity is most allowed to unfold by capitalism AND the stock market makes that wealth-generating creativity available to literally anyone DON'T GET ME STARTED TODAY!!!
Writing is the superpower of humankind. It is our truest form of magic.
Writing allows you to conjure up something of value where nothing previously existed. It costs little for you to write down the lessons of your life and yet those few minutes spent writing can be life-altering for the right reader. As I once saw it put: "there is someone out there with a wound in the exact shape of your words."
Furthermore, writing is the foundation of nearly every technology and innovation because we have to record what we know before we can build upon it. And these innovations are passed down from generation to generation, allowing our children to inherit a richer intellectual fortune than what we were born into. The world is richer because we write and nobody is made poorer in the process.
I always thought the monologue to Jim Cramer's Mad Money show was one of the most brilliantly written pieces on financial TV. It was written by his nephew Cliff, who sadly passed away at the age of 41. May he rest in peace. 🙏💔
https://t.co/cpYK4Fptcl
It. Was. A. Bus. For the thousandth time lol. 🚌
I get it that a plane would have been awesomer
But he was going from Venture Dallas back home to Austin as we had discussed at length 😆
THE NEXT THREAT WON’T HAVE PROPELLERS
Great to join @KellyCNBC on @CNBC to discuss emerging biothreats and how we’re detecting them with ARGUS @pilgrimlabs