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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:...
Alan Greenspan
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History suggests that they [valuations] also reflect waves of optimism and pessimism that can be set off by small exogenous events.
Alan Greenspan
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Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.
Alan Greenspan
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At last, in 1611, was made, under the auspices of King James, the famous King James version; and this is the great literary monument of the English language.
Lafcadio Hearn
Alan Greenspan
Creative Commons
Born:
March 6, 1926
(age 98)
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