Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.

War remains the decisive human failure.

The spirit should never grow old.

The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.

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

World War II revealed two of the enduring features of the Keynesian Revolution. One was the moral difference between spending for welfare and spending for war. During the Depression very modest outlays for the unemployed seemed socially debilitating, economically unsound. Now expenditures many times greater for weapons and soldiers were perfectly safe. It's a difference that still persists.

There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.