Freedom means the freedom to behave coarsely, basely, foolishly.

Part of it went on gambling, and part of it went on women. The rest I spent foolishly.

Obama, startled that components of government behave as interest groups, seems utterly unfamiliar with public choice theory. It demystifies and de-romanticizes politics by applying economic analysis - how incentives influence behavior - to government.

Money is time made tangible - the time invested in the earning of it. Taxation is the confiscation of the earner's time. Although some taxation is necessary, all taxation diminishes freedom.

Part of the $10 million I spent on gambling, part on booze and part on women. The rest I spent foolishly.

Government has the role of suiting people for freedom. People aren't made for freedom spontaneously. There's sort of a 19-year race between when people are born and when they become adults. And government has a role in making them, at the end of 19 years, suited to be upright, trustworthy repositories of popular sovereignty.