It's a whole different attitude toward public service than it once was. I tell you, we can all sit around in our old age and moan about it, but I think the administrative processes and the management effectiveness of the federal government are terrible!

The speed of communication, the speed of information transfer, the cheapness of communication, the ease of moving things around the world are a difference in kind as well as degree.

It's a whole different attitude toward public service than it once was. I tell you, we can all sit around in our old age and moan about it, but I think the administrative processes and the management effectiveness of the federal government are terrible!

It was the biggest inflation and the most sustained inflation that the United States had ever had.

I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.

When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.

Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.