Simple doesn't mean stupid. Thinking that it does, does.

On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.

I really think that people have to think safety; taking risks for higher yield is a bad idea once you're in late or latish middle age.

Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.

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

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

The problem isn't that people don't understand how good things are. It's that they know, from personal experience, that things really aren't that good.