I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society.

Not all private equity people are evil. Only some.

Political figures who talk a lot about liberty and freedom invariably turn out to mean the freedom to not pay taxes and discriminate based on race; freedom to hold different ideas and express them, not so much.

I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.

Debt is one person's liability, but another person's asset.

Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.

Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.