Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.

Rules cannot take the place of character.

Whatever you tax you get less of.

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.

We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.

I don't think it's possible for the Fed to end its easy-money policies in a trouble-free manner. Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets, so there is no reason to suspect that the actual process of boosting rates would be any different. I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.