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.
You've got to be taught, to hate and fear,
You've got to be taught, from year to year,
It's got to be drummed in your dear little ear,
You've got to be carefully taught.
During my years of being close to people engaged in changing the world I have seen fear turn into courage. Sorrow into joy. Funerals into celebration. Because whatever the consequences, people, standing side by side, have expressed who they really are, and that ultimately they believe in the love of the world and each other enough to be that.
I'm not able to go in with an act that I use month to month year to year all the time. It's constantly evolving and changing and that keeps me on my toes but certainly adds to the challenge.
It's hard to overemphasize how important Ford's deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first. Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
You have to transmit to them what its like being in the theater. And it has to come from somewhere inside you and not by being like what somebody did last year.
Time passes swiftly, but is it not joyous to see how great and growing is the treasure we have gathered together, amid the storms and stresses of so many eventful and to millions tragic and terrible years?
I would put our legislative and foreign policy accomplishments in our first two years against any president - with the possible exceptions of Johnson, FDR, and Lincoln - just in terms of what we've gotten done in modern history. But, you know, but when it comes to the economy, we've got a lot more work to do. And we're gonna keep on at it.
...for thousands of years human history has been a magnificently futile conflict, a wonderfully staged panorama of triumphs and tragedies based on the resolute taboo against admitting that black goes with white.
The results of life are uncalculated and uncalculable. The years teach much which the days never know. The persons who compose our company, converse, and come and go, and design and execute many things, and somewhat comes of it all, but an unlooked for result. The individual is always mistaken. He designed many things, and drew in other persons as coadjutors, quarrelled with some or all, blundered much, and something is done; all are a little advanced, but the individual is always mistaken. It turns out somewhat new, and very unlike what he promised himself.