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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions... Derivatives have permitted the unbundling of financial risks.
— Alan Greenspan
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Caution and conservatism are expected of old age; but when the young men of a nation are possessed of such a spirit, when they are afraid of the noise and strife caused by the applications of the truth, heaven save the land! Its funeral bell has already rung.
— Henry Ward Beecher
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