“We all want prosperity, but not at the expense of liberty. Poverty is not as great a danger to liberty as is wealth, with its corrupting, demoralizing influences. Let us never have a Government at Washington owing its retention to the power of the millionaires rather than to the will of millions.”
Joseph Pulitzer
“While everyone enjoys an economic party the long-term costs of a bubble to the economy and society are potentially great. They include a reduction in the long-term saving rate, a seemingly random distribution of wealth, and the diversion of financial human capital into the acquisition of wealth.
As in the United States in the late 1920s and Japan in the late 1980s, the case for a central bank ultimately to burst that bubble becomes overwhelming. I think it is far better that we do so while the bubble still resembles surface froth and before the bubble carries the economy to stratospheric heights. Whenever we do it, it is going to be painful, however.”
Larry Lindsey, Federal Reserve Governor, September 24, 1996 FOMC Minutes
“I recognise that there is a stock market bubble problem at this point, and I agree with Governor Lindsey that this is a problem that we should keep an eye on….We do have the possibility of raising major concerns by increasing margin requirements. I guarantee that if you want to get rid of the bubble, whatever it is, that will do it.”
Alan Greenspan, September 24, 1996 FOMC Minutes
“And in some ways, it creates this false illusion that there are people out there looking out for the interest of taxpayers, the checks and balances that are built into the system are operational, when in fact they’re not. And what you’re going to see and what we are seeing is it’ll be a breakdown of those governmental institutions. And you’ll see governments that continue to have policies that feed the interests of — and I don’t want to get clichéd, but the one percent or the .1 percent — to the detriment of everyone else.”
Neil Barofsky, 2012 interview with Bill Moyers
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