The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices, ... This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.

The process of innovation is, of course, never ending.

I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.

Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.

Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.

Significantly opening up immigration to skilled workers solves two problems. The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.