The only thing useful banks have invented in 20 years is the ATM.

The standard of living of the average American has to decline.

Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles.

A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.

It's a whole different attitude toward public service than it once was. I tell you, we can all sit around in our old age and moan about it, but I think the administrative processes and the management effectiveness of the federal government are terrible!

When I hear complaints about less liquidity, remember there is such a thing as too much liquidity.

I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.