We are on dangerous terrain when government picks winners and losers in the economy by subsidizing favored products and industries.

In America, we are just moving the chairs around and spending huge amounts of money rather than having them go in making people's lives better.

A lot of the Republican rhetoric better than the Democrats'. But when they're in office, it's pretty much the same thing. It's serving their supporters, it's corporate welfare, it's cronyism which is so destructive, particularly to the disadvantaged.

I think our biggest problem in society is we're headed more and more toward a two-tiered society. That is, creating welfare for the wealthy and destroying opportunities for the disadvantaged.

If we are going to have a Fed, it should not fall into the tyranny of experts with the a fatal conceit that a few wise people can determine interest rates. Interest rates should be driven by the market, and people's time preference, and we see these boom-bust cycles.

The problem is, to have prices fall would work fine if we didn't have all these built in rigidities on downward prices, because then things don't adjust, and that's how we have recessions and depressions, is prices and costs don't adjust together and they get out of whack, and we end up with dislocations.

The good and the bad news is that politicians rarely do what they say they are going to do when they campaign.