Quotes of the day

The whole episode [Federal Accounting Standards Board] is just as tawdry as the WSJ paints it to be, and is ultimately based on the weird idea that FASB rules accurately reflect reality, and that therefore if we change the rules, we must be changing the underlying reality as well. Welcome to Washington, I guess.--Felix Salmon

No other lawmaker has managed to halt the GM ax. As chairman of the House Financial Services Committee [Barney] Frank oversees the government's bailout program, known as TARP. Frank's staff said the lawmaker spokes with GM CEO Fritz Henderson on Wednesday and convinced him to keep the Norton, Mass. plant open for at least 14 months.--Michael O'Brien

I know a lot of economists in both [business schools and economics departments], and I think it is true that, on average, economists in business schools have a more practical and empirical approach to the field than do those in economics departments.--Greg Mankiw