In our country, learned ignorance is on the rise.

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 the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.

The raw fact is that every successful example of economic development this past century ... has taken place via globalization.

What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does not need is a transfer of billions of dollars to corporations that have no intention of hiring anyone except more lobbyists.

But where will the Fed find another bubble?

The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.