Bad ideas flourish because they are in the interest of powerful groups.

For most Americans, economic growth is a spectator sport.

Not all private equity people are evil. Only some.

Political figures who talk a lot about liberty and freedom invariably turn out to mean the freedom to not pay taxes and discriminate based on race; freedom to hold different ideas and express them, not so much.

Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs.

Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.

The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.