“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.”

History demonstrates that participants in financial markets are susceptible to waves of optimism.

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?

I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.

The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.

We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.

The process of innovation is, of course, never ending.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.

Anything that we can do to raise personal savings is very much in the interest of this country.

Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.

We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.

Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.

Indeed, better risk management may be the only truly necessary element of success in banking.

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.

One can be inclined to just say, “F this political correctness! I don’t have time for that!”

No matter how much more I practice, my English will never be perfect. If it is really terrible, I’ll correct it, but otherwise, I do it my Jackie Chan way.

My approach works not by making valid predictions but by allowing me to correct false ones.

Whenever a man can get hold of numbers, they are invaluable: if correct, they assist in informing his own mind, but they are still more useful in deluding the minds of others. Numbers are the masters of the weak, but the slaves of the strong.

I think judicial temperament is a willingness to step back from your own committed views of the correct jurisprudential approach and evaluate those views in terms of your role as a judge.

A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.

Though you may be last to discover your follies, be always first to correct them.

All leaders make mistakes. They are a part of life. Successful leaders recognize their errors, learn from them, and work to correct their faults.