...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.

It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.

Rules cannot take the place of character.

When trust is lost, a nation's ability to transact business is palpably undermined.

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

Before I met Ayn Rand, I was a logical positivist, and accordingly, I didn't believe in absolutes, moral or otherwise. If I couldn't prove a proposition with facts and figures, it was without merit.

Any informed borrower is simply less vulnerable to fraud and abuse.