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— Janet Yellen"My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation."
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The difference between fear and panic is knowing what to do. If you have a reliable, effective solution then fear is an asset. You know what to do and fear just makes you do it faster. On the other hand, if you don't know what to do - or don't trust what you know - then you will freeze in terror, because you have no clear goal or way to get there. Fear helps, panic hinders. Fear is your savior, panic your nemesis.
— Marc MacYoung
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There is a strange idea aboard, held by all monetary cranks, that credit is something a banker gives to a man. Credit, on the contrary, is something a man already has. He has it, perhaps, because he already has marketable assets of a greater cash value than the loan for which he is asking. Or he has it because his character and past record have earned it. He brings it into the bank with him. That is why the banker makes him the loan.
— Henry Hazlitt
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