The Guiding Purpose Of The Government Regulator

We Are In The Midst Of A Once-in-a-century Credit Tsunami. Central Banks And Governments Are Being Required To Take Unprecedented Measures. Those Of Us Who Have Looked To The Self-interest Of Lending Institutions To Protect Shareholders' Equity Are In A State Of Shocked Disbelief.

People Dont Realize That We Cannot Forecast The Future. What We Can Do Is Have Probabilities Of What Causes What, But Thats As Far As We Go. And Ive Had A Very Successful Career As A Forecaster, Starting In 1948 Forward. The Number Of Mistakes I Have Made Are Just Awesome. There Is No Number Large Enough To Account For That.

If You Get Beyond The Political Rhetoric [and Assembled A Group To Solve Social Security] It Would Take Them 15 Minutes. It Would Take Them 15 Minutes Only Because 10 Minutes Was Used For Pleasantries.

I Was A Fairly Good Amateur Musician, And I Was An Average Professional. But The One Thing I Saw Was That The Big Band Business Was Fading.

At The Risk Of Some Oversimplification, If The Skill Composition Of Our Work Force Meshed Fully With The Needs Of Our Increasingly Complex Capital-stock, Wage-skill Differentials Would Be Stable, And The Percentage Changes In Wage Rates Would Be The Same For All Job Grades.