It is a well known and very important fact that America's founding fathers did not like taxation without representation. It is a lesser known and equally important fact that they did not much like taxation with representation.

It is possible that people need to believe they are unmanaged if they are to be managed effectively.

We have a swarm of people in the stock market - not out of knowledge, not out of expectation, but out of basically a gambling instinct, the hope that prices will go up.

Genius is a rising stock market.

When people are least sure, they are often most dogmatic.

In economics, the majority is always wrong.

One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.