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.

Agriculture is one economic activity that does not obey the laws of demand and supply.

All successful revolutions are the kicking in of a rotten door. The violence of revolutions is the violence of men who charge into a vacuum.

Let’s begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes - indeed, deletes - the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity.

No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.

I am worried about our tendency to over invest in things and under invest in people.

If a man didn't make sense, the Scotch felt it was misplaced politeness to try to keep him from knowing it. Better that he be aware of his reputation, for this would encourage reticence which goes well with stupidity.