The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before. – Ron Chernow
You dont want too much fear in a market, because people will be blinded to some very good buying opportunities. You dont want too much complacency because people will be blinded to some risk. – Ron Chernow
If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals. – Ron Chernow
The public has lost faith in the ability of Social Security and Medicare to provide for old age. Theyve lost faith in the banking system and in conventional medical insurance. – Ron Chernow