Quotes of the day

Bold stress tests and government intervention reflect President Obama's use of Franklin Delano Roosevelt as a model in dealing with the current crisis. But he got the wrong Roosevelt. He should instead follow the motto of Theodore Roosevelt: Speak softly and carry a big stick.--Glenn Hubbard, Hal Scott, Luigi Zingales

Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power.--Cliff Asness

All in all, there is no major industrialized economy with universal coverage that has performed as well–let alone better–than the United States in the last decade. Universal coverage might not be the cause of their inferior performance. But the crucial point is that there is zero evidence that it has put them on a more solid footing. Before applying this exotic therapy to America, Obama needs to offer more than mere hunches that it will work. He needs to offer actual evidence.--Shikha Dalmia