When beggars and shoeshine boys, barbers and beauticians can tell you how to get rich it is time to remind yourself that there is no more dangerous illusion than the belief that one can get something for nothing.

Approach each new problem not with a view of finding what you hope will be there, but to get the truth, the realities that must be grappled with. You may not like what you find. In that case you are entitled to try to change it. But do not deceive yourself as to what you do find to be the facts of the situation.

Nobody ever lost money taking a profit

Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England....At the time of the Banks action I warned of its consequences....I felt that sooner or later the market had to break.

None of us can be free of conflict and woe. Even the greatest men have had to accept disappointments as their daily bread. ... The art of living lies less in eliminating our troubles than in growing with them.

A dangerous fallacy is to repudiate freedom in favor of an unknown future. What else but our own sturdy reliance on freedom can explain the unexampled record this country has made? In a period scarcely twice my own lifetime it has risen from nothingness to become the world's greatest power. It has become the ark of the covenant of freedom.

Government is not a substitute for people, but simply the instrument through which they act. And if the individual fails to do his duty as a citizen, government becomes a very deadly instrument indeed.