You want to set rules, but with a lot of flexibility.

This is not somebody who is full of himself or has to show he's the smartest guy in the room.

It's irrelevant what somebody's politics are. It just matters whether they would be a good central banker.

The common law system in which the law is continually reinterpreted by judges ends up protecting property rights far more than others and makes it easier to enforce restrictive covenants.

One of the most important qualifications to run the Federal Reserve is the ability to build consensus, which means you don't want to sound like you're saying, 'I'm smarter than you are,' ... And Ben is not full of himself; he doesn't have to show that he's smarter than other people. As evidence of that, he has got tremendous clout at the Federal Reserve. You can talk to people at all levels, down in the staff or whatever -- this is someone who is respected and liked.

Ben has been very clear that controlling inflation is the primary long-term goal of the Fed. And he has the credibility to do that.