Once constituted, capital reproduces itself faster than output increases. The past devours the future.

I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.

Having a decent share of the national wealth for the middle class is not bad for growth. It is actually useful both for equity and efficiency reasons.

One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.

Regardless of what you plan to use it for, the goal should always be to raise money right before you need it. You don't want to get into a situation where you need cash and you're unable to raise it - or you're unable to raise it on favorable terms. As with any negotiation, you want to raise from a position of strength.

The larger point is this: We've invested over half a billion dollars in New York since this department was stood up. We've given New York more money, by more than double, than any other city in the country.

In big movies, interests are not aligned between those above the line and the financier, because above the line gets paid whether the movie works or not. The financier only makes money if the movie works, and that fundamentally sets up a contentious relationship.

Hedge funds, private equity and venture capital funds have played an important role in providing liquidity to our financial system and improving the efficiency of capital markets. But as their role has grown, so have the risks they pose.