The stock market is but a mirror which provides an image of the underlying or fundamental economic situation. Cause and effect run from the economy to the stock market, never the reverse. In 1929 the economy was headed for trouble. Eventually that trouble was violently reflected in Wall Street.

My rule on honorary degrees has always been to have one more than Arthur Schlesinger Jr.

Commencement oratory must eschew anything that smacks of partisan politics, political preference, sex, religion or unduly firm opinion. Nonetheless, there must be a speech: Speeches in our culture are the vacuum that fills a vacuum.

Money is what fueled the industrial society. But in the informational society, the fuel, the power, is knowledge. One has now come to see a new class structure divided by those who have information and those who must function out of ignorance. This new class has its power not from money, not from land, but from knowledge.

The greater the wealth the thicker will be the dirt.

No ethic is as ethical as the work ethic.

Of late I have searched diligently to discover the advantages of age, and there is, I have concluded, only one. It is that lovely women treat your approaches with understanding rather than with disdain.