The New Deals enmity for that system of free and competitive private enterprise which we call capitalism was fundamental.

There was endless controversy as to whether the acts of the New Deal did actually move recovery or retard it, and nothing final could ever come of that bitter debate because it is forever impossible to prove what might have happened in place of what did.

Revolution in the modern case is no longer an uncouth business.

There are those who still think they are holding the pass against a revolution that may be coming up the road. But they are gazing in the wrong direction. The revolution is behind them. It went by in the Night of Depression, singing songs to freedom.

Business is in itself a power.

If you put a ten dollar bill under the rug instead of spending it, that is capital formation. It represents ten dollars' worth of something that might have been immediately consumed, but wasn't.

The winds that blow our billions away return burdened with themes of scorn and dispraise.