As a society we can't live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process.

Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention, and I wouldn't underestimate the value of that. But they're not designed to take care of social needs.

Markets are imperfect. So you do need regulation, knowing that the regulators are also human.

Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.

Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.

Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.

The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.