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Market Quotes

Quotes that caught my eye.

"What has always made the state a hell on earth has been precisely that man has tried to make it his heaven."
-- F. Holderline (quote in F.A. Hayek, The Road to Serfdom)

"The only way to do away with, or even to alleviate, the periodic return of the trade cycle--with its denouement, the crisis--is to reject the fallacy that prosperity can be produced by using banking procedures to make credit cheap."
-- Ludwig Von Mises

"There is nothing new on Wall Street or in stock speculation. What has happened in the past will happen again and again and again. This is because human nature does not change, and it is human emotion that always gets in the way of human intelligence."
-- Jesse Livermore

"To all these persons [socialists], the relations between mankind and the legislator appear to be the same as those that exist between the clay and the potter."
-- Frederic Bastiat, The Law

"Governments are bad allocators of capital.  They borrow money and allocate it to where the political return is the highest."
-- David Merkel, alephblog.com/2010/08/13/the-four-roads-ahead/

"The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence.  The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."
-- Henry Hazlitt

Government programs based on achieving outcomes generally fail. There are two reasons why they fail. First, the goals and objectives of programs focused upon outcomes are generally not based on economics but are based upon achieving desired social consequences. Second, if a program seems to contribute in any way to politicians getting re-elected, more and more resources will be put into that program going forward.
-- John Mason, seekingalpha.com/article/220905-fannie-m...

"When markets go up, the Fed seems to be in control; when they go down, it seems out of control.  But the control aspect is an illusion."
-- Bob Prechter

"The human mind cannot grasp the causes of phenomena in the aggregate.  But the need to find these causes is inherent in man's soul.  And the human intellect, without investigating the multiplicity and complexity of the conditions of phenomena, any one of which taken separately may seem to be the cause, snatches at the first, the most intelligible approximation to a cause, and says: This is the cause!"
-- Leo Tolstoy, War and Peace (quoted in Barry Ritholtz, Bailout Nation)


"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. . . . The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. . . .  This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

Alan Greenspan, 1967