The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.

There's no question that in my lifetime, the contrast between what I called private affluence and public squalor has become very much greater. What do we worry about? We worry about our schools. We worry about our public recreational facilities. We worry about our law enforcement and our public housing. All of the things that bear upon our standard of living are in the public sector.

If there must be madness, something may be said for having it on a heroic scale

I am for a close global association in trade and financial matters, rather than the opposite possibility of excessive nationalism, as manifested in the two world wars.

In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.

And there was a deeper, less visible effect of the Truman loyalty program. Seeing its consequences for certain individuals and fearing its intrusion on their own lives, many in the government sought protection by strongly asserting their anti-Communism. In the public action that ensued, policy was based not on reality but, instinctively or deliberately, on personal caution...Those who urged a militant and sometimes military anti-Communism were considered sound, trustworthy and personally safe; those who questioned such a course were politically unsafe, possible even slightly disloyal.

Perhaps never before or since have so many people taken the measure of economic prospects and found them so favorable as in the two days following the Thursday [24th October 1929] disaster.