We are the most powerful nation on earth. No external power, no terrorist organization can defeat us. But we can defeat ourselves by getting caught in a quagmire.

The laissez-faire argument relies on the same tacit appeal to perfection as does communism.

The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

An open society calls itself open to improvement. It is based on the recognition that people have divergent views and interests, and that nobody is in possession of the ultimate truth.

Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

The US needs a cap and trade system with auctioning of licenses for emissions rights. The revenues from these auctions can be used to launch a new, environmentally friendly energy policy. That would be yet another federal program that could help us to overcome the stagnation.