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

[The US] budget is dominated by the retirement programs, Social Security and Medicare - loosely speaking, the post-cold-war federal government is a big pension fund that also happens to have an army.

People who are complaining about the Fed are people who've been predicting runaway inflation for five and six years, and it hasn't happened.

I really think that people have to think safety; taking risks for higher yield is a bad idea once you're in late or latish middle age.

Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.

I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?

The federal government is basically an insurance company with an army.