Everybody should pay some tax, just as everybody should vote.

The difference between recession and depression is simple. Recession, goes the saying, is when you lose your job; depression is when I lose mine.

To investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government.

Coolidge really hated government being in the power business. He thought it was wrong. He saw the potential for growth in the power business. He didn't want the federal government in it.

Coolidge was a pragmatist. He didn't start out with a tax theory. But he observed over time that lower tax rates sometimes brought in extra revenue. The success of his and Treasury Secretary Andrew Mellon's experiment with rate cuts has been obscured by our modern history books.

Anything can be done if you find friends to do it with.

Economics are part of our life. We try to treat them separately, like over there is the economy and here is history. Econ affects history and history often doesn't get it right if it doesn't respect econ.