“The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.”

If I seem unduly clear to you, you must have misunderstood what I said.

I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.

Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.

Unfortunately, Senator, nobody knows where the next innovative idea is coming from.

The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.

The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.

The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…

I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.

Rules cannot take the place of character.

If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.

Fiat money in extremis is accepted by nobody. Gold is always accepted.

I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more

If I say something which you understand fully in this regard, I probably made a mistake.

Market financed withdrawals of home equity in recent years.

There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.

I don’t think she realized how much she cared for him, or he for her, until the end. Hasn’t someone said a woman may be known by the men who love her enough to die for her? (If they haven’t, I claim the credit myself.)

As many micro-credit schemes across the world can testify, investment in women is the best investment for the future.

The final outcome of the credit expansion is general impoverishment.

There is more credit and satisfaction in being a first-rate truck driver than a tenth-rate executive.

I’m part of this show called “Shots Fired” that is premiering on FOX. It’s right after the Super Bowl. It’s a pretty incredible show. I’m pretty much the voice of the show, so the voice of the opening credit record and the songs in between is pretty much my voice.

Depression is the aftermath of credit expansion.

The causes of all panics, crashes and depressions can be summed up in only four words: the misuse of credit.

We wouldn’t be able to buy things online, because your credit cards – they’ve probably been ripped off anyway, but they would be ripped off left and right every day if there wasn’t encryption.