What I observed about my fellow actors was that most gave up very easily.
When everyone feels that risks are at their minimum, over-confidence can take over and elementary precautions start to get watered down.
Banks and other providers of credit to households have been competing vigorously to expand or protect their market share. In the process, lending standards have been progressively eroded so that lenders are now engaging in practices that would have been regarded as out of the question five or ten years ago.
Most of us at the Reserve Bank come from a background in economics and hence have a predisposition in favour of free markets and a sceptical attitude towards intervention in those markets unless there is a clearly defined economic rationale for it.
For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, PE ratios have been declining on average.
If people can't abide by the confidentiality of the cabinet room, then they should leave the cabinet.
For years I have made the point that progress in winding back economic slack is made not by high growth in any individual year, but by maintaining an expansion over a sustained period.
If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
Meet the big while it is small.
The meditation traditions I started and have continued practicing have all emphasized inclusivity: anyone can do this who is interested.
My view is, in between environmental determinism and personal responsibility, we say, "where there's a will there's a way. " It's not true. You really need both and they're somewhat independent. We must both cultivate will and pave the way. If you inspire an impassioned people so that they have the will but there's no way, all around them are walls with no doors or windows. It's terribly frustrating. On the other hand, if you put a very nice way at their feet and they have no will to follow it, that doesn't produce anything very good either. Will is not way. You need both.