The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.

Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.

The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.

Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence and pressuring US financial markets and institutions.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.