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Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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The planet will continue to cook.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.
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Friedrich Hayek is not an important figure in the history of macroeconomics.
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I really think that people have to think safety taking risks for higher yield is a bad idea once you're in late or latish middle age.
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Bad ideas flourish because they are in the interest of powerful groups.
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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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Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.
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Politics determines who has the power, not who has the truth.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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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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The goal in the end is not to win elections. The goal is to change society.
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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There are no atheists in foxholes and there are no libertarians in financial crises.
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Are you, or is someone you know, a gadget freak? If so, you doubtless know that Wednesday was iPhone 5 day, the day Apple unveiled its latest way for people to avoid actually speaking to or even looking at whoever they're with.
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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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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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