“This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.”

If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.

Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.

There is no evidence that the business cycle has been repealed.

While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.

The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.

I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.

It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.

The arts develop skills and habits of mind that are important for workers in the new economy of ideas.

Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.

Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.

And the percentage changes in wage rates would be the same for all job grades.

Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.

I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.

Credit-default swaps, I think, have serious problems associated with them.

Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.

[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.