The Importance of Spending Wisely

I don't see why the public sector bureaucrats, whether they're nimble or brilliant like Stephen Chu as a high IQ, I don't know if he's very useful as a bureaucrat or a leader for an organization like that. You never have innovation in the private sector if that's how they thought. Of course, there's going to be failures. There's an enormous amount of uncertainty. One out of 10 is an incredible home run. Two out of two or three make a little bit of money. The other four to five lose all of it. And even in that world, it's really hard to do well. So I expect the public sector to do badly also. But