A Quote by Warren Buffett
If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.
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When the secretary of treasury, the head of the central bank, the head of the FDIC (Federal Deposit Insurance Corp.), and the head of the New York Fed say, "We want you to do this because we think it's in the best interest of the United States of America," you know, we're like the Japanese. We're a little patriotic that way. We said, "Yes, sir!"
I had a nightmare about being on a cruise ship and the ship going down. It was an arduous process of the ship going down and we knew it was going down. There was everyone I know and love on the ship.
I was secretary of the Treasury in 2008. In that role, I had the privilege to work with many talented men and women in government and the private sector who labored to pull our nation back from the brink of disaster.
My grandparents were classic Indian grandparents. My grandmother would put so much powder on her face that it was like a Kabuki play and she'd come down the stairs. I was like 8 or 9 years old. My grandfather apparently had no teeth because he would take out his teeth and put them in a glass, and then he would try to scare me with it. I started to try to scare them when I was a little older.
I believe that "government", as we know it today, should pull out of most things except for law enforcement and justice, national defense and foreign policy, and let the private sector, a "Grameenized private sector", a social-consciousness-driven private sector, take over their other functions.
If you could hear the insane stuff going on in my head, it would scare the hell out of you. Probably. Or fascinate you. Depends on how easily you're startled, I guess.
I'm not going to Russia and tell them to go to hell and think - that's not the way things are done. You chip away at something and you hope that there will be dialogue and that the situation can get better. You don't just go in there with guns blazing and say well, to hell with you because they're going to say to hell with you and get out of the country.
Living standards in both the public and private sector have to be brought down. The private sector has to sell more abroad and consume less at home. The government sector has to get closer to just spending what it can collect in taxes.
Sometimes, fame does scare me. When people know where you are and what you're doing, that can be frightening because I'm such a private person. So I like to try and keep things light-hearted and stay as private as possible.
We need the private sector to succeed, because if the private sector succeeds, America succeeds. Because it's not the government that produces jobs, it's the private sector.
The idea that I'm going to have to sit down to write some fiction where I'm going to have to think of a plot would really scare me, because it would come out a mess.
I'd like to have another opportunity to serve. I believe in service. I enjoy it. I also like coming and going, you know, because I think that my private-sector life has contributed to how I think about public-sector challenges and what I do in the public sector.
We try to prevent the creation of artificial rents. Rather than setting up quotas to stop imports we levy a tariff, that would be better. Or we pay wages in the public sector which are roughly equivalent to the productivity in the private sector and we don't therefore make it a special benefit to get a bureaucratic position.
The biggest difference between the private sector and public sector is in the private sector, there's a sense of urgency because you have customers and you have competitors. Whereas in government, one of your major objectives is to not make any really big mistakes.
When the former Fed chairman was in, Alan Greenspan was in, there was a saying back in those days that you called the 'Greenspan put.' Any time the treasury secretary - for the Fed chairman - said something, the market saw that as good news, and it took off.
Ben Carson seems pretty proud that he knows how big the Medicare budget is. All that money goes to the private sector, but Carson seems to think the private sector would do a lot better if...something. I'm not quite sure what.
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