The biggest and most deadly 'tax' rate on the poor comes from a loss of various welfare state benefits - food stamps, housing subsidies and the like - if their income goes up.

Neither the depth of despondency nor the height of euphoria tells you how long either will last.

One of many problems with survey research in general is that you can only survey the survivors. In other words, if you were to do a survey of people who were known to have played Russian Roulette and you sent out the questions before the time they were going to play and then you come back six months after they played Russian Roulette, you would probably discover that among the people who did come back there was no harm done.

Someone recently pointed out how much Barack Obama's style and strategies resemble those of Latin American charismatic despots - the takeover of industries by demagogues who never ran a business, the rousing rhetoric of resentment addressed to the masses and the personal cult of the leader promoted by the media. But do we want to become the world's largest banana republic?

I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.

To include freedom in the very definition of democracy is to define a process not by its actual characteristics as a process but by its hoped for results. This is not only intellectually invalid, it is, in practical terms, blinding oneself in advance to some of the unwanted consequences of the process.

Failure is a big part of a free market's success. People fail to live up to their potential, or to carry out all their good intentions, in all kinds of economic and political systems. Capitalism makes them pay a price for their failures, while socialism, feudalism, fascism and other systems enable personal failures, especially by those at the top, to be ignored.