Quote of the Day: January 12, 2012:
"Federal Reserve lender-of-last-resort actions, directly or indirectly, set floors under the prices of assets or ceilings on financing terms, thus socializing some of the risks involved in speculative finance. But such socialization of risks in financial markets encourages risk-taking in financing positions in capital assets, which, in turn increases the potential for instability when carried out for an extended period."
--Hyman Minsky, Stabilizing an Unstable Economy
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