Quotes of the day

The very essence of democracy encourages everyone to express opinions about human activities that are none of their business.--Louis Carabini

We should have a recession. People who spend their lives pounding nails in Nevada need something else to do.--John Cochrane

With the Long-Term Capital bailout as a precedent, creditors came to believe that their loans to unsound financial institutions would be made good by the Fed — as long as the collapse of those institutions would threaten the global credit system. Bolstered by this sense of security, bad loans mushroomed.--Tyler Cowen