I can imagine in years to come that my papers and memorabilia, my journals and letters, will find themselves always in the company of people who care about many of the things I do.
And yet, now that years have passed, I recall it and wonder that it could distress me so much. It will be the same thing, too, with this trouble. Time will go by and I shall not mind about this either.
[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.
That's been lost. It's a huge problem. What you have is you have the major institutions of the world all wanting to deleverage. They want to take down their assets and liabilities. What seemed so easy to borrow against a year ago now looks like rat poison to them. So they're trying to deleverage. There is only one institution in the world that can leverage up in a way that's all a countervailing force to that, and that's the United States Treasury.
We're just getting better at our trade, man. We know what we're doing, and the reason why is that we've spent 30 years doing it. There's nothing that can replace that.
Without those forerunners, Jane Austen and the Brontes and George Eliot could no more have written than Shakespeare could have written without Marlowe, or Marlowe without Chaucer, or Chaucer without those forgotten poets who paved the ways and tamed the natural savagery of the tongue. For masterpieces are not single and solitary births; they are the outcome of many years of thinking in common, of thinking by the body of the people, so that the experience of the mass is behind the single voice.
Learning hath his infancy, when it is but beginning and almost childish; then his youth, when it is luxuriant and juvenile; then his strength of years, when it is solid and reduced; and lastly his old age, when it waxeth dry and exhaust.
Lord, give to me who are old and rougher
The things that little children suffer,
And let keep bright and undefiled
The young years of the little child.
It is not the number of years we have behind us, but the number we have before us, that makes us careful and responsible and determined to find out the truth about everything.
We can be better, we can be wiser, we can be more kind. Yes we have to change. We have to grow up and stop acting like 10 years old. Yes there is much to do, much to see, much to go into.