"I am not very optimistic that we can solve our problems with more spending and more borrowing and more inflation."
"Socialism always fails because they don't have a pricing structure."
"When the government tries to manage and run these large corporations, no one wins."
"Angela Merkel, the Chancellor of Germany, came to Hank Paulson in 2007 and suggested that perhaps we ought to have more regulation of hedge funds."
"We are now back facing the G20 meeting coming up where, once again, the proposition is going to be put on the table by Europeans, of all people, that we ought to be more serious about transparency and..."
"We have to come to the realization that there is a sea change in what is happening, this is an end of an era, and that we can't reinflate the bubble."
"This whole idea that we can recapitalize markets by merely turning on the printing presses and increasing credit is a total fallacy."
"What do we do now? We are telling consumers to spend and continue the old process. It won't work."
"I maintain that capital can only come from hard work and savings, and I think that is an important distinction."
"What will it take for you to say to yourself, could I be wrong?"
"If increasing the supply of money and credit and low interest rates were a panacea, we should have seen some results."
"Now we are suffering the consequences because it is a failed policy, and it is not working at all."