“
I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works.
“
The markets have the capacity to do things that regulators cannot anticipate. Sometimes that is a feature. Sometimes it is a catastrophic bug.
“
Bubbles are only identified in retrospect. While you are in one, it looks like growth.
“
If I seem unduly clear to you, you must have misunderstood what I said.
communicationhumor— Frequently quoted throughout his Fed tenure, attributed to multiple occasions, 1995
“
The history of economic progress is a history of creative destruction. The question is always: who bears the cost of the disruption?