[Subscription Required] From “Tying Down the Anchor: The Task Gets Tougher,” a paper by Kevin Warsh presented May 3 at a Hoover Institution conference:

My friend and former student Paul Gerner suggested to me a few years ago that the federal government have a “regulatory reset.” The idea is that the government eliminates all regulations and then brings back the one it decides it wants. Presumably we would end up with substantially fewer regulations.

"I don’t play this game so I can pay fans so they can give me, you know… He can have that piece of history, its for the fans that we play for too. He has the right to keep it, the ball went in the stands so I would never fight anybody to give anything back."

In June 1971 Arthur Burns, then chairman of the Federal Reserve, sent U.S. President Richard Nixon a nine-page letter in which he summed up the country’s economic challenges: “namely, an inflation feeding on itself at a time of substantial unemployment.” Burns told the Republican president, who had nominated him to the Fed and for whom he previously served as an adviser, that “our monetary and fiscal policies have not been working as expected.”