We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

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.

[I]f you look at United States history since World War II, you find that of the 10 presidents who preceded Barack Obama, seven left office with a debt ratio lower than when they came in. Who were the three exceptions? Ronald Reagan and the two George Bushes.

There's one thing that the Fed has been really good at cracking down on, and that's inflation.

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

The important thing to understand is that the case for pollution control isn't based on some kind of aesthetic distaste for industrial society. Pollution does real, measurable damage, especially to human health.

Economics is not a morality play.