[Pen-l] quotations du jour

["Jim Devine" <jdevine03@xxxxxxxxx>]

First reason why deflation is unlikely: "Despite the adverse shocks of
the past year, our banking system remains healthy and well-regulated
and firm and household balance sheets are for the most part in good
shape." -- Ben Bernanke (Governor of the Fed, in 2002).

The second bulwark against deflation was the Fed's actions. Since
Bernanke wrote that, the Fed seems to have abetted the undermining of
the health and regulation of the banks along with the balance sheets
of households and many firms.

"It was deliciously intense and exciting to have been a part of the
creating LTCM [Long-Term Capital Management]. ... The distinctive LTCM
experience from the beginning to the present characterizes the theme
of the productive interaction of finance theory and finance practice.
Indeed, in a twist on the more familiar version of that theme, the
major investment magazine, INSTITUTIONAL INVESTOR characterized the
remarkable collection of people at LTCM as 'The best finance faculty
in the world.''' -- Robert Merton, autobiographic notes for his SRPE
award (quoted in Andrew Glyn, CAPITALISM UNLEASHED).

-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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