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Definition of a cynic:
"A man who knows the price of everything and
the value of nothing".
- Oscar Wilde
"There is no sphere of human thought in
which it is easier to show superficial
cleverness and the appearance of superior
wisdom than in discussing questions of
currency and exchange."
- Winston Churchill
Wall Street:
"This stock market thing was a great game,
but, after all, everybody just can't live on
gambling. Somebody has to do some work."
- Will Rogers
Dorothy Parker once said that two things
confused her: the theory of the zipper and
the exact function of Bernard Baruch.
We should keep in mind the insightful words
of Former Federal Reserve Board Chairman
Marinner Echles who said that it was the
Fed's duty "to take away the punch bowl just
when the party is getting good".
Salomon Smith Barney announced this past
week August 15 that it was paying $25
million in cash and stock to attract an
analyst which prompted a reference in
Barron's to a quote by Gerald Loeb regarding
securities analysts:
"In a bull market you don't need'em; in a
bear market, you don't want'em".
- Gerald Loeb
"Books ... are like lobster shells, we
surround ourselves with 'em, then we grow
out of 'em and leave 'em behind, as evidence
of our earlier stages of development."
- Dorothy L. Sayers (The Unpleasantness at
the Bellona Club, 1928)
"You know what the fellow said: In Italy for
30 years under the Borgias, they had
warfare, terror, murder and bloodshed, but
they produced Michelangelo, Leonardo da
Vinci and the Renaissance. In Switzerland
they had brotherly love - they had 500 years
of democracy and peace, and what did that
produce? The cuckoo clock."
-Orson Welles as Harry Lime in The Third Man
��there are several measures that the Fed
(or any central bank) can take to reduce the
risk of falling into deflation. � the U.S.
government has a technology, called a
printing press (or, today, its electronic
equivalent), that allows it to produce as
many U.S. dollars as it wishes at
essentially no cost."
Ben Bernanke, successor to Fed.
Chairman Alan Greenspan: November, 2002 at
the National Economists Club, Washington,
D.C.
"There's no such thing as impossible. It
just takes a little longer to accomplish the
impossible."
- Clarence Sheahan
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