“We really can't forecast all that well. We pretend that we can but we can't.
And markets do really weird things sometimes because they react to the way people behave, and sometimes people are a little screwy.”
Alan Greenspan, speaking to Jon Stewart (at 6.20min) on The Daily Show. More quotes from this interview (paraphrased):
Alan Greenspan was Chairman of the U.S. Federal Reserve from August 1987 to January 2006. Vancouver has been screwy since the spring of 2005 when commodity markets launched bringing other physical and paper assets along for the ride as private sector investors and government managers abandoned fundamentals.
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'