As long as you have markets, you'll have excesses. People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started. I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

I think it's terrible for people in effect to say that income from investment should be taxed at a much lower rate than income from labor.

People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.

I want our pie to grow all the people, but if some other guy's pie is growing a little faster, that's terrific.

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke. So the savings and loans went broke, the government stepped in, paid off depositors, and now they're left with this mass of assets to sell. We're not talking about selling here, we're talking about buying intelligently. They were selling what they got handed to them by a bunch of savings and loan operators that had in many cases had done some very dumb thing. But their job was to liquidate it. And they liquidated.

The ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century.

When the Federal government buys the mortgages, they're not spending it, they're investing it.