But rules cannot substitute for character.

I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others.

Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.

We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.

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

Productivity is notoriously difficult to predict.

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.