Hubris, arrogance, is just one step ahead of loss of integrity, because if you think you're better than other people, you know more, then you're going to think, as many leaders have, that the rules don't apply to them - so they lose their integrity.

I love to try to understand first principles and be guided by that. But then, enrich them, because they won't last forever, just like everybody thought Newton had all the answers. And you probably read that, in the last of the 19th century, Harvard and others were discouraging people from going into physics because we have all the answers. And right after that, of course - we have - all this stuff is thrown out the window. And now we have whole new answers.

The problem is, to have prices fall would work fine if we didn't have all these built in rigidities on downward prices, because then things don't adjust, and that's how we have recessions and depressions, is prices and costs don't adjust together and they get out of whack, and we end up with dislocations.

I've always believed in the saying that "there is no limit to what you can accomplish if you don't care who gets the credit."

That's the first rule for anybody who controls - do no harm.

A classical liberal is someone who wants a society that maximizes peace, civility, tolerance, and well-being for everyone. One that opens opportunities for everyone to advance themselves.

The only way you improve is to try new things.