The stock market has predicted nine of the last five recessions.

But the trouble is that he [Alan Greenspan] had been an Ayn Rander. You can take the boy out of the cult but you can't take the cult out of the boy.

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

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.

Every good cause is worth some inefficiency.

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.

I don't care very much for the People Magazine approach to applied economics.