“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…”

There are no easy choices. Easy choices are long gone.

I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.

We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.

I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.

The number of mistakes I have made are just awesome. There is no number large enough to account for that.

In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.

I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.

But rules cannot substitute for character.

Revolutions are something you see only in retrospect.

When trust is lost, a nation’s ability to transact business is palpably undermined.

It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.

The number one problem in today’s generation and economy is the lack of financial literacy.

I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.

Any informed borrower is simply less vulnerable to fraud and abuse.

The free lunch has still to be invented.

Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.

The real test of one’s belief in the doctrine of Habeas Corpus is not when one demands its application on behalf of one’s friends but of one’s enemies.

Talk of imminent threat to our national security through the application of external force is pure nonsense. Our threat is from the insidious forces working from within which have already so drastically altered the character of our free institutions – those institutions we proudly called the American way of life.

One tries to tell a truth, and one hopes that the truth has a general application rather than just a specific one.

Philosophy cannot be taught; it is the application of the sciences to truth.

There are very few things impossible in themselves; and we do not want means to conquer difficulties so much as application and resolution in the use of means.

Few things are impracticable in themselves; and it is for want of application, rather than of means, that men fail to succeed.

The Self has turned out to mean so many things, to mean them so ambiguously, and to be so wavering in its application, that we do not feel encouraged.

Hitler had a plausible case to argue when he claimed that the Anschluss was only the application of the Wilsonian principle of self-determination.