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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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The trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.
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What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.
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as an economics professor I am by nature inclined to the view that the truth isn't out there, it's in here - that usually you learn a lot more by thinking really hard about the data than you do by sniffing around for supposedly inside information.
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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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Economists don't usually make good speculators, because they think too much.
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The public has no idea that the deficit has been falling like a stone.
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Anyone who thinks that the last 80 years, ever since FDR took us off gold, have been a doomed venture, that strikes me as kind of cranky.
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If you are a good economist, a virtuous economist, you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist.
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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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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
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The problem with digital books is that you can always find what you are looking for but you need to go to a bookstore to find what you weren't looking for.
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I think Stockman is an interesting sort of amalgam.
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Friedrich Hayek is not an important figure in the history of macroeconomics.
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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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However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.
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Bad ideas flourish because they are in the interest of powerful groups.
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Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
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But where will the Fed find another bubble?
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