It Is Decidedly Not True That "nice

Look, I'm Very Much In Favor Of Tax Cuts, But Not With Borrowed Money. And The Problem That We've Gotten Into In Recent Years Is Spending Programs With Borrowed Money, Tax Cuts With Borrowed Money, And At The End Of The Day That Proves Disastrous. And My View Is I Don't Think We Can Play Subtle Policy Here.

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.

By Far The Most Significant Event In Finance During The Past Decade Has Been The Extraordinary Development And Expansion Of Financial Derivatives.

No Matter How Skillful The Trading Scheme, Over The Long Haul, Abnormal Returns Are Sustained Only Through Abnormal Exposure To Risk.

We Cannot Rule Out A Situation In Which A Preemptive Policy Tightening Becomes Necessary, ... Such Caution Seems Especially Warranted With Regard To The Sharp Rise In Equity Prices During The Past Two Years. These Gains Have Obviously Raised Questions Of Sustainability.