The failure to work out sensible budgets makes it impossible for government agencies to make long-term plans, and instead leaves them scrambling to spend money in the short term.

If you look back in history, as the barbarians were invading the gates of Rome, people were consulting fortunetellers and worrying about the end of the world and all sorts of other apocalyptic notions. When the tsars were finally overthrown, they were all reading tarot cards even as the revolutionaries were banging at the gates.

One loves one's country the way one loves a family member. And sometimes that family member does really embarrassing, shitty things. But you still love them.

In a pure capitalist system, an institution as moronic and corrupt as Bank of America would be swiftly punished by the market - the executives would get to loot their own firms once, then they'd be looking for jobs again.

Like wars, forest fires and bad marriages, really stupid laws are much easier to begin than they are to end.

Comparing your family budget to the sovereign debt of the United States is a little like comparing two kindergartners tossing a paper airplane to the Apollo 11 mission.

The mistake our politicians so often make with these industry leaders is in thinking they are interested in, or respectful of, the power of government. All they want is to keep stealing. If you can offer them the government’s seal of approval on that, they’ll take it. But if you can’t, well, they’ll take that too.