I Love To Play Tennis And Golf,

Senator, We Are Groping For Understanding, The Knowledge You Assume I Possess Doesn't Exist' - 'the Only Effective Regulation Lies In The Propensity Of Customers To Choose Alternatives, Of Investors To Move Their Funds Elsewhere And Of Labour To Acquire Technical Skills' - 'senator, If I Seem Clear To You, You Must Have Misunderstood Me' - 'unfortunately, Senator, Nobody Knows Where The Next Innovative Idea Is Coming From. Political Decisions Are Never Random And Will Always Lose Out To Innovative Alternatives

We Are In The Midst Of A Once-in-a-century Credit Tsunami. Central Banks And Governments Are Being Required To Take Unprecedented Measures. Those Of Us Who Have Looked To The Self-interest Of Lending Institutions To Protect Shareholders' Equity Are In A State Of Shocked Disbelief.

I Was A Fairly Good Amateur Musician, And I Was An Average Professional. But The One Thing I Saw Was That The Big Band Business Was Fading.

Institutions Of The Newer Participants In Global Finance Had Not Been Tested, Until Recently...recent Crisis Have Underscored Certain Financial Structure Vulnerabilities That Are Not Readily Assuaged In The Short Run.

Given Our Inevitably Incomplete Knowledge About Key Structural Aspects Of Our Ever-changing Economy And The Sometimes Asymmetric Costs Or Benefits Of Particular Outcomes, A Central Bank... Need To Consider Not Only The Most Likely Future Path For The Economy But Also The Distribution Of Possible Outcomes About That Path. They Then Need To Reach A Judgment About The Probabilities, Costs, And Benefits Of The Various Possible Outcomes Under Alternative Choices For Policy.