“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.”

I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.

I am very proud of my nerd-dom.

The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.

In the future, my communications with the public and with the markets will be entirely through regular and formal channels.

While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.

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

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.

It is observed at sea that men are never so much disposed to grumble and mutiny as when least employed. Hence an old captain, when there was nothing else to do, would issue the order to “scour the anchor.

We employ the mind to rule, the body to serve.

The perfect man employs his mind as a mirror.

A certain amount of contempt for the material employed to express an idea is indispensable to the purest realization of this idea.

Asceticism is the trifling of an enthusiast with his power, a puerile coquetting with his selfishness or his vanity, in the absence of any sufficiently great object to employ the first or overcome the last.

This idea that the employment of women, the movement of women outside the home into the work world, and their demand for equality is somehow responsible for increasing juvenile delinquency or the increase in divorce rate, is just so much bullshit.

If God himself was not willing to use coercion to force man to accept certain religious views, man, uninspired and liable to error, ought not to use the means that Jehovah would not employ.

Hundreds of millions of human beings on our planet increasingly suffer from unemployment, poverty, hunger, and the destruction of their families.