Quotes of the day

Soccer is the sport of the future. And it always will be.--Pele

There is a trickle down here, when you start attacking this compensation system. Middle class, working class people get affected.--Charlie Gasparino

The [Keynesian] slogan that 'in the long run we are all dead' is also a characteristic manifestation of an unwillingness to recognize that morals are concerned with effects in the long run – effects beyond our possible perception – and of a tendency to spurn the learnt discipline of the long view.--F.A. Hayek

A cure should have something to do with the diagnosis. The classic argument for fiscal stimulus presumes that the central cause of our current economic problems is this: We, the people and our government, are not doing nearly enough borrowing and spending on consumer goods. The government must step in force us all to borrow and spend more. This diagnosis is tragically comic once said aloud.--John Cochrane

Keep in mind that the internet did not spring from industrial policy to improve the Post Office, the word processor did not come from a public-private consortium to rescue the typewriter industry, and that a huge carbon tax is much more likely to spur useful green ideas, and the only way to spur conservation.--John Cochrane

. . . President Obama comes across as rather confused. He cannot tell the difference between policies to fight a recession and policies to produce long-term structural change (or, at a more cynical level, programs to reward Democratic Party constituencies and push favored Democratic Party causes). He seems to be with Nancy Pelosi, not with Alice Rivlin.--Arnold Kling