Stock Market Bubbles Don't Grow Out Of

Markets Are Constantly In A State Of Uncertainty And Flux And Money Is Made By Discounting The Obvious And Betting On The Unexpected.

No Individual Anonymous Participant Can Influence The Prices And Therefore You Really Can Speculate In The Market Without Paying Attention To Morality. That's One Of The Positive Features Of Markets. That's Why They Function.

As An Anonymous Participant In Financial Markets, I Never Had To Weigh The Social Consequences Of My Actions ... I Felt Justified In Ignoring Them On The Grounds That I Was Playing By The Rules.

I Am Not Well Qualified To Criticize The Theory Of Rational Expectations And The Efficient Market Hypothesis Because As A Market Participant I Considered Them So Unrealistic That I Never Bothered To Study Them.

Any Central Bank Should Only Be In Charge Of Liquidity. Solvency Is A Matter For The Treasury.