Quotes of the day

One Fannie Mae debacle ought to be enough for any career, but Mr. Frank wants taxpayers to double down on his political guarantees. There are currently some $1.7 trillion in municipal bonds held by the public, and Barney thinks we can insure them at "zero cost." Considering the source, and the potential size of the bill, someone in Congress needs to sound the alarm.--WSJ Editorial Board

As Milton Friedman often pointed out, the real measure of taxes is not what the government calls taxes but what government spends. Government spending is financed by current taxes, future taxes, or inflation.--David Henderson

Every government attempt to manage energy markets has resulted in similar disarray [as encouraging alternative fuels usage]. Look at the havoc that came from the energy price controls, regulations and subsidies of the 1970s. Or look, more recently, at the ethanol fiasco, and the accompanying soaring food costs. Energy powers the economy. Mess with energy markets, and mess with everything else. When will Washington learn?--Kim Strassel

During [2000-2005], Spitzer repeatedly attacked Wall Street for graft and pressured Wall Street executives to cut deals with his office. Yet, he never once bothered to look into the actions of those within the NYS government who were trusted with overseeing the $122 billion pension plan and whether any irregularities were involved.--lawhawk