If we can embrace the adventure…

If we can embrace the adventure and risk and equip our churches to lay down their lives and abandon their inherent loss-aversion, who knows what innovation, what freshness, what new insights from the Spirit will emerge.

And whatever their publicized angst over…

And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction,’ American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy. I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.

Clearly, sustained low inflation implies less…

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

Senator, we are groping for understanding…

Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’ – ‘The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’ – ‘Senator, if I seem clear to you, you must have misunderstood me’ – ‘Unfortunately, Senator, nobody knows where the next innovative idea is coming from. Political decisions are never random and will always lose out to innovative alternatives

I don’t know where the stock…

I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.

But how do we know when…

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?