Senator, we are groping for understanding, the knowledge you assume I possess doesn't exist' - 'The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills' - 'Senator, if I seem clear to you, you must have misunderstood me' - 'Unfortunately, Senator, nobody knows where the next innovative idea is coming from. Political decisions are never random and will always lose out to innovative alternatives

Institutions of the newer participants in global finance had not been tested, until recently...recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.

I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.

The need for values is inbred. Their content is not.

What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.

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

Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.