Quotes of the day

I have steak at home, why go out for hamburger?--Paul Newman, to Playboy magazine

A bank is a place that will lend you money if you can prove if you don't need it.--Bob Hope

In my view, the claim by Keynesians that the economy can be stabilized around a satisfactory employment level, thanks to economic science, is false. So is the claim by latter-day neoclassicals that such stability is automatic, thanks to the market. Both dogmas fatally miss the point that the normal activity level is driven by structural shifts, which monetary policy and price-level changes usefully accommodate but cannot reverse.--Edmund Phelps

There's no way a smart person can go broke; unless he borrows money.--Warren Buffett

Mr. Obama's "deregulation" trope may be good politics, but it's bad history and is dangerous if he really believes it. The U.S. is going to need a stable, innovative financial system after this panic ends, and we won't get that if Mr. Obama and his media chorus think the answer is to return to Depression-era rules amid global financial competition. Perhaps the Senator should ask [Bill Clinton] for a briefing.--WSJ Editorial Board

Give a man a fish and he'll eat for a day. Give a fish a man and he'll eat for weeks!--Takayuki Ikkaku