Quotes of the day

Morituri te salutamus--gladiators of Rome (We who are about to die salute you)

I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.--Alan Greenspan

And the alternative? What should protect the shareholders? The altruism of regulators?--Russell Roberts

... a ¥3 million car was worth £19,500 in the morning and £21,600 a few hours later, thanks only to currency fluctuations. I'm not sure what this kind of FX volatility means for international trade, but hedging costs are going through the roof, which can't help one bit.--Felix Salmon

... if regulation is so great, how come one guy, or one fairly minor bill, can apparently single-handedly destroy the most heavily regulated industry in America that doesn't actively involve radioactive material? If your preferred system is really that fragile, then maybe we should be looking into alternatives.--Megan McArdle

The monetary base jumped by over $300B. Excess reserves jumped by less than $60B. Contrary to the liquidity trap, the new money is not flying straight into bank vaults and locking the vault door behind it. Not even close.--Bryan Caplan

When the stock market crashed, Franklin D. Roosevelt got on the television and didn't just talk about the, you know, the princes of greed. He said, 'Look, here's what happened.'--Joe Biden's television anachronism