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.

The good thing is, we have household formation in this country. We have a country where I don't know whether it's a million households a year or more, but good form.

You could have these crazy Internet valuations in the late 1990s, but they prove themselves out in the market. The next day they were selling for more than they were the day before, and people said, you know, you're crazy if you don't get in on this. So it's very human.

The commercial paper market, when that dries up, you know, that's just like sucking the blood out of the economic body of the United States.

Beware of geeks, you know, bearing formulas.

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.

It will be good for us in the long run, and I mean there are six and a half billion people in this world. And it's great for 300 million to keep enjoying more and more property, but I think it's terrific if the remainder do. And I think if they can learn something from us in terms of our system, and I think they have, they are learning more about how to unleash the potential of their citizenry to turn out more goods and services that their citizens want or that we want, I think that's terrific.