I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.

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.

The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.

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

I'm not sure that the current value of the NASDAQ is justified, but I'm not sure that it isn't.

Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.

I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society.