In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts.

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.

The habit of disguising ideology as expertise has created a deficit of legitimacy.

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

Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.

Not all private equity people are evil. Only some.