“The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.”

It’s the price of success: people start to think you’re omnipotent.

Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.

Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.

The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.

Not all information is beneficial.

So it’s important, as it affects overall levels of production and employment in the U.S. There are many domestic industries doing well in the United States, notwithstanding a strong dollar.

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.

I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.

[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.

Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

The GSEs are adequately capitalized. They are in no danger of failing.

Speaking as somebody who has been happily married for 35 years, I can’t imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.

There have been great societies that did not use the wheel, but there have been no societies that did not tell stories.

It’s no use trying to be different than you are.

Words can be like X-rays if you use them properly — they’ll go through anything. You read and you’re pierced.

Certainly some things that are very good can sometimes be used in a bad way.

Elixir’ means magical potion, so I wanted to depict the kind of bottle that was used in ancient times, but that looked modern and chic as well. I also wanted it to have a golden tint to evoke the memories of sands and sunsets.

There are moments when the inner life actually ‘pays,’ when years of self-scrutiny, conducted for no ulterior motive, are suddenly of practical use.

What is the use trying to describe the flowing of a river at any one moment, and then at the next moment, and then at the next, and the next, and the next? You wear out. You say: There is a great river, and it flows through this land, and we have named it History.

It’s no use crying over spilt milk, because all of the forces of the universe were bent on spilling it.