“Our experiences with these vicious cycles in Asia emphasize the key role in a market economy of a critical human attribute: confidence or trust in the functioning of a market system... A key characteristic, perhaps the fundamental cause of a vicious cycle, is the loss of trust.”
-Alan Greenspan, Chair of the U.S. Federal Reserve Bank, 1998 (http://www.bog.frb.fed.us/boarddocs/speeches/1998/19980904.htm)
“The most notorious S&L scandal involved Charles Keating. Between 1985 and 1988 the Keating family took $34 million out of his S&L in salaries, profits and perks. As early as 1985 Keating’s S&L carried $99.40 in debt for every $1 in tangible net worth. That was the year that Alan Greenspan, later to become head of the fed, accepted $40,000 from Keating for writing a letter saying that Keating’s S&L did not pose a loss risk for the FSLIC [Federal Savings and Loan Insurance Corporation] “for the forseeable future”.
- William F. Hixson, “It’s Your Money”, p. 83, ISBN 0-9680681-1-1, Toronto 1997, COMER Publications 3284 Yonge St. Toronto, ON, Canada, M4N 3M7, $10 Cdn
“The true hypocrite is the one who ceases to perceive his deception, the one who lies with sincerity.” André Gide