I think if you're a liberal, you believe that we all are, at least to some extent, our brothers' keepers, you really believe that we have a sumptuary responsibility to make sure that life is decent for everybody in America, that you believe that society out to be broadly shared, and you believe that you can't have a real democracy unless you have a little bit, at least, of economic democracy.

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

A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble

It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.

The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and control many of the perks that board members count on. So it's not the invisible hand of the market that leads to those monumental executive incomes; it's the invisible handshake in the boardroom.

Evidence and expertise have a well-known liberal bias.

If the price of everything is going down, that's going to include wages as well. People will have an incentive to sit on their cash and not spend it.