You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.

The rich invest in time, the poor invest in money.