Negro equality, Fudge!! How long in the Government of a God great enough to make and maintain this Universe, shall there continue to be knaves to vend and fools to gulp, so low a piece of demagoguism as this?
[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.
Unfortunately, you've grown up hearing voices that incessantly warn of government as nothing more than some separate, sinister entity that's at the root of all our problems. Some of these same voices also do their best to gum up the works. They'll warn that tyranny is always lurking just around the corner. You should reject these voices.
When taxes are too high, people go hungry. When the government is too intrusive, people lose their spirit. Act for the people's benefit. Trust them; leave them alone.
For decades, our differences with Iran meant that our governments almost never spoke to each other. Ultimately, that did not advance America's interests.
The museums used to be exhibition halls for government propaganda, and now every city wants to build a museum. A few thousand are to be built in the next few years, all using taxpayer money. But there is no system, no research, no content, no good programs, no good managers.
There are few things wholly evil or wholly good. Almost everything, especially of government policy, is an inseparable compound of the two, so that our best judgment of the preponderance between them is continually demanded.
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.
If ever this free people, if this Government itself is ever utterly demoralized, it will come from this incessant human wriggle and struggle for office, which is but a way to live without work.
I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.
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