Every form of strength is also a form of weakness.

There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.

People were paid lots of money to make stupid decisions, people in big banks, and when people are paid to be stupid they'll be stupid. The question was, did they know they were being stupid or were they just stupid? I think you need to take it on a case by case basis. There was some sinister activity, but I think by and by it was people being incentivised to do the wrong thing.

As idiotic as optimism can sometimes seem, it has a weird habit of paying off.

The vicious cycle that is bringing down European states is not going to hit us [the USA], at least not for a while, at the level of the federal government. The same cannot be said of state and local governments.

In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.

The institutions at the centre of capitalism are bigger than they've ever been, the pay is much greater, the ability of society to get its arms around it is much less. The political clout of the financial class is unbelievable. I'd say the story is darker than when I was there. When I was there it felt like a comedy - and now it feels more like a tragedy.