Short Term Volatility Is Greatest

I Think That My Foundation Uses The Money Better Than The Government Does. In Any Event, I Do Pay Taxes.

Financial Markets Are Supposed To Swing Like A Pendulum: They May Fluctuate Wildly In Response To Exogenous Shocks, But Eventually They Are Supposed To Come To Rest At An Equilibrium Point And That Point Is Supposed To Be The Same Irrespective Of The Interim Fluctuations. Instead, As I Told Congress, Financial Markets Behaved More Like A Wrecking Ball, Swinging From Country To Country And Knocking Over The Weaker Ones. It Is Difficult To Escape The Conclusion That The International Financial System Itself Constituted The Main Ingredient In The Meltdown Process.

As A Society We Can't Live Without Moral Considerations. We Do Have To Protect The Public Good. And Markets Are Not Designed To Do That, So We Need A Political Process.

Well, You Know, I Was A Human Being Before I Became A Businessman.

I Admire Chancellor Merkel For Her Leadership Qualities, But She Is Leading Europe In The Wrong Direction.