No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That's one of the positive features of markets. That's why they function.

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

Every bubble has two components: something - some real trend, and a misconception about that trend.

America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.

Anticipating attacks, I should like to emphasize that I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.

It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong

We in the United States are very often - since we are a democracy and we have national interests, we've often made the mistake that a democracy has to adopt America's interests, and that is a contradiction because a democracy basically is people deciding what their interests are.