The difference between technology and slavery is that slaves are fully aware that they are not free

Things always become obvious after the fact

The track record of economists in predicting events is monstrously bad. It is beyond simplification; it is like medieval medicine.

A good rule of thumb is as follows: If the numbers come from somebody wearing a tie (Wall Street economist or analyst, industry public relations department, captive think tank academic and so on), you ought to be very skeptical. By design messages from these people are intended to move markets, move merchandise and/or move public policy and are not a comment on the state of the physical universe.

In poor countries, officials receive explicit bribes; in D.C. they get the sophisticated, implicit, unspoken promise to work for large corporations

Your reputation is harmed the most by what you say to defend it.

Banking is a very treacherous business because you don't realize it is risky until it is too late. It is like calm waters that deliver huge storms.