"Don't reward bad behavior. It is one of the first rules of parenting. During the financial cataclysm of 2008, we said it differently. When we bailed out banks that had created their own misfortune, we called it a 'moral hazard,' because the bailout absolved the bank's bad acts and created an incentive for it to make the same bad loans again."

"The reality of split government puts a premium on creativity within the administration. President Obama needs to put the right people in charge of the agencies and then have them push the bounds of administrative power to change policy through those agencies. President Obama has a pretty good track record of this."

"As someone with a deep faith in competition and the market, I also know that markets only work with tough enforcement of the rules that guarantee competition and fair play - and that the pressure to break those rules only gets stronger as the amount of money involved gets larger."

"In politics you learn to always smile."

"Peace, above all things, is to be desired, but blood must sometimes be spilled to obtain it on equable and lasting terms."

"Loud peace propaganda makes war seem imminent."

"Timid men prefer the calm of despotism to the tempestuous sea of liberty."

"Every summit scaled was once thought insurmountable from the valley below. For where clarity resides, peace inevitably follows — an essential principle for the reflective life."