By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.

Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.

Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.

[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.

If I've made myself clear, I've misspoken.

Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.

Rules cannot take the place of character.