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" Capital isn't this pile of money sitting somewhere; it's an accounting construct. "

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" No city embraced privatization more eagerly than Chicago, where I live. "

" Google worries - and rightly so - about how hard it is for a big company to come up with the next hot thing. "

" Proponents of privatization argued that cities and states needed private capital to fund all the upgrades that our decaying infrastructure so desperately needed. "

" I'm not a big believer in the power of more regulation to fix things. I think it can almost be more dangerous because it provides the illusion that things have been fixed without the substance. "

" In capital we trust. Capital is our savior, our holy grail, our fountain of youth, or at least health, for banks. "

" Fixing Fannie Mae and Freddie Mac in isolation, without looking at the big picture, would be short-sighted. "

" When Warren Buffett invests in a company, he is conferring upon that company something very unique: his credibility. "

" Choices of right or wrong are not presented to you in black and white. If they were, I'm sure most people would choose white. "

Black And White

" Before Enron, I think people were a bit more naive about the way things worked, and I think Enron pulled the curtain back on unsavoury practices that turned out to be a lot more widespread. "

" Home ownership was the fig leaf for the rise in subprime lending. But that was really about cash-out refinancings, not buying homes. "

" The worst story I ever wrote was after the conviction of Jeff Skilling and Ken Lay. My co-author and I wrote a piece for 'Fortune' saying everything's going to be different now. "

" What's good for the financial industry probably isn't good for you. "

" Privatization of assets that most of us consider public goods - like airports and highways - has a long, often-uncontroversial history. "