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?
Lose what? A man only has a soul to be won or lost; apart from his life, he has nothing. Past or future lives do not matter - at the moment you are living this one, and you should do so with silent comprehension, joy and enthusiasm. What you must not lose is your enthusiasm.
In the past we have had a light which flickered, in the present we have a light which flames, and in the future there will be a light which shines over all the land and sea.
Such is the cost of immortality. No person is whole. No person is free. Over time, some have determined that the only way to live is to die. In death, a man or a woman is free of the weight of the past [and the future].
I came in at half past eleven. Since then I have been sitting in an easy chair like a fool. I could do nothing. I hear nothing but your voice. I am like a fool hearing you call me 'Dear.' I offended two men today by leaving them coolly. I wanted to hear your voice, not theirs. When I am with you I leave aside my contemptuous, suspicious nature. I wish I felt your head on my shoulder.
The goal ever recedes from us. The greater the progress the greater the recognition of our unworthiness. Satisfaction lies in the effort, not in the attainment. Full effort is full victory.
I am beginning with the young. We older ones are used up. Yes, we are old already. We are rotten to the marrow. We have no unrestrained instincts left. We are cowardly and sentimental. We are bearing the burden of a humiliating past, and have in our blood the dull recollection of serfdom and servility. But my magnificent youngsters! Are there finer ones anywhere in the world? Look at these young men and boys! What material! With them, I can make a new world.
We think that the world is limited and explained by its past. We tend to think that what happened in the past determines what is going to happen next, and we do not see that it is exactly the other way around! What is always the source of the world is the present; the past doesn't explain a thing. The past trails behind the present like the wake of a ship and eventually disappears.
Something of great importance now past is inferior to something of little importance now present, in that the latter is a reality, and related to the former as something to nothing.
The future is an unknown, but a somewhat predictable unknown. To look to the future we must first look back upon the past. That is where the seeds of the future were planted. I never think of the future. It comes soon enough.
Does that mean that all vestiges of past discrimination would be eliminated, that the income gap or the wealth gap or the education gap [between Afro-Americans and white] would be erased in five years or 10 years? Probably not, and so this is obviously a discussion we've had before when you talk about something like reparations.
One hurries through, even though there's time; the past, the continent, is behind; the future is the glowing mouth in the side of the ship; the dim, turbulent alley is too confusedly the present.