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.

In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.

According to the experience of all but the most accomplished jugglers, it is easier to keep one ball in the air than many.

Nothing so weakens government as persistent inflation.

It was not hard to persuade people that the market was sound; as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.

There was the Missile Crisis, but one can't attribute to the [J.F.] Kennedy years anything like the problems that [Franklin] Roosevelt stood over and surmounted.

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