Regulation Of Derivatives Transactions That Are Privately

The Recent Evidence Increasingly Suggests That An Economic Expansion Is Already Well Under Way, Although An Array Of Influences Unique To This Business Cycle Seems Likely To Moderate Its Speed.

We Will Have More Crises And None Of Them Will Look Like This Because No Two Crises Have Anything In Common Except Human Nature.

History Demonstrates That Participants In Financial Markets Are Susceptible To Waves Of Optimism. Excessive Optimism Shows The Seeds Of Its Own Reversal In The Form Of Imbalances That Tend To Grow Over Time.

We May Be In A Rapidly Evolving International Financial System With All The Bells And Whistles Of The So-called New Economy. But The Old-economy Rules Of Prudence Are As Formidable As Ever. We Violate Them At Our Own Peril.

The More Flexible An Economy, The Greater Its Ability To Self-correct In Response To Inevitable, Often Unanticipated, Disturbances And Thus To Contain The Size And Consequences Of Cyclical Imbalances.