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

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.

No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged.

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

The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.

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