The number one problem in today's generation and economy is the lack of financial literacy.

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

How do we know when irrational exuberance has unduly escalated asset values?

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.

I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.

...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.