Debt is one person's liability, but another person's asset.

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

But Wall Street people are in fact very smart; they're funny, they're not company men who work their way up the chain.

Bad ideas flourish because they are in the interest of powerful groups.

The party of ideas has become the party of Beavis and Butthead.

Friedrich Hayek is not an important figure in the history of macroeconomics.

I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.