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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
--
Francis Boyer Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996

 

Alan Greenspan

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Anxiety occurs because of a threat to the values a person identifies with his existence as a self ... most anxiety comes from a threat to social, emotional and moral values the person identifies with himself. And here we find that a main source of anxiety, particularly in the younger generation, is that they do not have viable values available in the culture on the basis of which they can relate to their world. The anxiety which is inescapable in an age in which values are so radically in transition is a central cause of apathy ... such prolonged anxiety tends to develop into lack of feeling and the experience of depersonalization.

 

Rollo May

 

The enemy of our games was always Japan, and the courses were so thorough that after the start of World War II, nothing that happened in the Pacific was strange or unexpected.

 

Chester W. Nimitz

 

We have an alliance that was forged more than a half century ago, and strengthened by shared interests and democratic values. Our people share ties of family, ties of culture, and ties of commerce. Our troops have served to protect Japan’s shores, and our citizens have found opportunity and friendship in Japan’s cities and towns.

 

Barack Obama

 

I have come to the frightening conclusion that I am the decisive element in the classroom. It is my personal approach that creates the climate. It is my daily mood that makes the weather. As a teacher, I possess a tremendous power to make a child's life miserable or joyous. I can be a tool of torture or an instrument of inspiration. I can humiliate or humor, hurt or heal. In all situations, it is my response that decides whether a crisis will be escalated or de-escalated, a child humanized or de-humanized.

 

Haim Ginott

 

Japan gets the most of ordinary people by organizing them to adapt and succeed. America, by getting out of their way so that they can adjust individually, allows them to succeed. It is not that Japan has no individualists and America no organizations, but the thrusts of the societies are different. Japan has distorted its economy and depressed its living standard in order to keep its job structure and social values as steady as possible. At the government's direction, the entire economy has tried to flex almost as one, in response to the ever-changing world. The country often seems like a family that becomes more tightly bound together when it must withstand war, emigration, or some other upheaval. America's strength is the opposite: it opens its doors and brings the world's disorder in. It tolerates social change that would tear most other countries apart. The openness encourages Americans to adapt as individuals rather than as a group.

 

James Fallows