The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war.

What would the people who sold us goods do with the money? They'd get dollars. What would they do with the dollars? Eat them?!

Socialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.

The fall of the Berlin Wall really demonstrated beyond the shadow of a doubt that there was a bad system, and what subsequently happened in the Soviet Union, that that system was a failure.

The stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in my opinion, a very minor element of it. What happened was that from 1929 to 1933 you had a major contraction which, in my opinion, was caused primarily by the failure of the Federal Reserve System, to follow the course of action for which it was set up. It was set up to prevent exactly what happened from 1929 to 1933. But instead of preventing it, they facilitated it.

Is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed?

The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.