But Wall Street people are in fact very smart; they're funny, they're not company men who work their way up the chain.

When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.

You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.

When stock prices are rising, it's called ''momentum investing''; when they are falling, it's called ''panic.''

I think so long as fossil fuels are cheap, people will use them and it will postpone a movement towards new technologies.

But where will the Fed find another bubble?

The federal government is basically an insurance company with an army.