400+ Sourced quotes
Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
We "conserve" nothing; neither do we want to return to any past periods; we are not by any means "liberal"; we do not work for "progress"; we do not need to plug up our ears against the sirens who in the market place sing of the future: their song about "equal rights," "a free society," "no more masters and no servants" has no allure for us.
In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
That's why we've worked with other nations to create higher and clearer standards for banking and taxation — because a society that asks less of oligarchs than ordinary citizens will rot from within. That's why we've pushed for transparency and cooperation in rooting out corruption, and tracking illicit dollars, because markets create more jobs when they're fueled by hard work, and not the capacity to extort a bribe.
If atoms do, by chance, happen to combine themselves into so many shapes, why have they never combined together to form a house or a slipper? By the same token, why do we not believe that if innumerable letters of the Greek alphabet were poured all over the market-place they would eventually happen to form the text of the Iliad?
To be sure, exchange-value exerts its power in a special way in the realm of cultural goods. For in the world of commodities this realm appears to be exempted from the power of exchange, to be in an immediate relationship with the goods, and it is this appearance in turn which alone gives cultural goods their exchange-value. But they nevertheless simultaneously fall completely into the world of commodities, are produced for the market, and are aimed at the market.
We're in a bubble. We have artificially low interest rates. We have a stock market that, frankly, has been good to me, but I still hate to see what's happening. We have a stock market that is so bloated. Be careful of a bubble because what you've seen in the past might be small potatoes compared to what happens. So be very, very careful.