A major boom in real stock prices in the US after Black Tuesday brought them halfway back to 1929 levels by 1930. This was followed by a second crash, another boom from 1932 to 1937, and a third crash. Speculative bubbles do not end like a short story, novel, or play. There is no final denouement that brings all the strands of a narrative into an impressive final conclusion. In the real world, we never know when the story is over.

Liberalism downplays certain of our moral senses: loyalty, authority, and sanctity.

Consider our difficulties avoiding junk food and overspending. Such addictions were carefully planned-for by professional marketing teams.

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.

Marketers know that if people you respect - perhaps laughably including entertainers and athletes - say they like a product, you're more likely to buy.

Economics is (now) about emotion and psychology.

My clinical psychologist wife of 40 years has always had a close intellectual influence on me. When I was beginning to talk openly in the economics profession about irrationality in decision-making, I received a lot of criticism. Ginny would support my views and remind me that a whole other profession - psychology - studies people's irrational sides.