Quotes of the day

My conjecture is that in our post-industrial economy, conventional Keynesian policies do not operate as they do in an industrial economy.--Arnold Kling

The danger we face at this fork in the road is the conventional wisdom that associates more regulation with better regulation and more restrictive policies with less risk. History teaches us that the opposite is usually true and that the costs of getting it wrong can last for decades.--Thomas Cooley & Lee Ohanian

With enemy forces in full retreat, Patton's tanks ran out of gas near the French-German border! The German armies then had a chance to regroup and reorganize their defenses. What a debacle of misallocated resources! With the gas that 1,500 B-17s used on one mission--approximately 3,000,000 gallons, Patton's tanks with [Omar] Bradley's armies could have ended the war in the next few weeks. Where were the Services of Supply when we needed them? Had it been their tails that were on the line, Patton would have had his gas. But the breakthrough stalled at the German border, and the war lasted nine more hellish months.--Richard Timberlake