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Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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There are no atheists in foxholes and there are no libertarians in financial crises.
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Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
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This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
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What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does not need is a transfer of billions of dollars to corporations that have no intention of hiring anyone except more lobbyists.
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If you can create even the illusion of high profitability for a few years, then when the thing collapses you can walk out of the wreckage a very rich man.
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When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
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By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
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One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education then the “high school movement” made us the first nation to embrace widespread secondary education.
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For most Americans, economic growth is a spectator sport.
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Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience.
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