“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.”

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 last duty of a central banker is to tell the public the truth.

The happiness that may emerge from taking a second look is central to Proust’s therapeutic conception. It reveals the extent to which our dissatisfactions may be the result of failing to look properly at our lives rather than the result of anything inherently deficient about them.

That he armed the Mujahideen, that he armed Saddam, that he armed Iran, that he armed two-thirds of the Axis of Evil, and that he funded terrorists in Central America. He was, in my mind, a terrible president.

The central issue of power in leadership is not Will it be used? But rather Will it be used wisely and well?

Everything is selected by the central government without good judgment or an understanding of culture to make it really safe. They will become nobody to maintain their power and be raised to the next higher level.

The Holocaust is a central event in many people’s lives, but it also has become a metaphor for our century. There cannot be an end to speaking and writing about it. Besides, in Israel, everyone carries a biography deep inside him.

Russia is now becoming increasingly nervous about a more permanent U.S. presence in Central Asia.

That makes history so appealing and so central to what I am trying to do.