There is something in people; you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.

Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.

I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.

When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.

Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.

It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.

Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.