Quotes of the day

... we're running out of rich people--Rep. Michele Bachmann

TARP investments are certainly “troubled.” And Washington, it turns out, isn’t the best short-term investor.--Zachary Kouwe

Most of us don't give money to strangers without good reason. Hell, my parents wouldn't give me the kind of no-questions-asked-no-strings-attached help that this implies they, as taxpayers, should help extend to hundreds of thousands of other peoples' children. Which may be why I don't need it.--Megan McArdle

What good comes from your Press Secretary attacking CNBC’s Rick Santelli? It makes the White House look weak and out of touch with the markets.--Evan Newmark

The early press reaction asks why the White House would give Santelli free publicity and elevate him to Official status? Easy: they'd rather the opposition be identified with Santelli and stock brokers than with, say, a Joe the Plumber type (but who actually is a plumber and who has serious real reservations about the mortgage plan).--Marc Ambinder

We need to avoid reckless short-term swings in policy. Massive deficits and zero interest rates might temporarily perk up spending but at the risk of a collapsing currency, loss of confidence in the government and growing anxieties about the government’s ability to pay its debts. That outcome could frustrate rather than speed the recovery of private consumption and investment. Deficit spending in a recession makes sense, but the deficits should remain limited (less than 5 percent of GNP) and our interest rates should be kept far enough above zero to avoid wild future swings.--Jeffrey Sachs