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Quotes of the Week

October 19, 1998

We're in the midst of a financial panic world-wide, and it's been getting progressively worse. It's clear that the Fed's [previous] move didn't calm things."
Alan Blinder (Princeton Economist and former Fed Vice Chairman) in "Fed Cuts Interest Rates" $$ from The Wall Street Journal (10/16/98)

Never mind bullish or bearish. The prevailing sentiment among investors these days appears to be confusion. And confusion is costly after so many years of predictability . . . in recent weeks, waves of revisions to earnings estimates, substantial shifts in interest rates and a growing debate about whether a recession is looming have put risk very much in the forefront of most investors' thinking.
Greg Ip in "Worries Over Growth, Profits Hit Valuations" $$ from The Wall Street Journal (10/14/98)

The present crisis is not the result of market failure. Rather, it is the result of governments intervening in or seeking to supersede the market, both internally via loans, subsidies, or taxes and other handicaps, and externally via the IMF, the World Bank and other international agencies. We do not need more powerful government agencies spending still more of the taxpayers' money, with limited or nonexistent accountability. That would simply be throwing good money after bad. We need government, both within the nations and internationally, to get out of the way and let the market work. The more that people spend or lend their own money, and the less they spend or lend taxpayer money, the better.
Milton Friedman in "Markets to the Rescue" $$ from The Wall Street Journal (10/13/98)

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