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Four Quotes

“The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.”

“In the United States, throughout all twenty-four hours of every day of the year - year after year - we have an average of two million automobiles standing in front of red lights with their engines going, the energy for which amounts to that generated by the full of efforts of 200 million horses being completley wasted as they jump up and down going nowhere.”