Quote of the Day:

Adam Davidson

  • Hating Wall Street is an American tradition that dates back even to the days when Thomas Jefferson cursed that money lover Alexander Hamilton. And for centuries, the complaints about it have largely stayed the same: 'It does nothing! It creates chaos! It's a parasite that sucks hardworking Americans dry!'
  • Holiday binge-buying has deep roots in American culture: department stores have been associating turkey gluttony with its spending equivalent since they began sponsoring Thanksgiving Day parades in the early 20th century.
  • When you see a merger between two giants in a declining industry, it can look like the financial version of a couple having a baby to save a marriage.
  • Economics is not a discipline that comes to correct answers - economies are too complex.
  • We can fight over what the taxation levels should be, but the tax system should be very, very simple and not distortionary.
  • In poor countries, the rich and powerful crush the poor and powerless.
  • The America that I think most Americans would want, most economists on the right or left would want, is one in which a smart, ambitious, hardworking person without a huge amount of resources has a pretty good shot, in the end, of beating out a less smart, less ambitious, less hardworking rich person.
  • Poverty is not the simple result of bad geography, bad culture, bad history. It's the result of us: of the ways that people choose to organize their societies.
  • If the American government can't stand behind the dollar, the world's benchmark currency, then the global financial system will very likely enter a new era in which there is much less trade and much less economic growth. It would be, by most accounts, the largest self-imposed financial disaster in history.
  • Happiness quantification sounds a bit wishy-washy, sure, and through a series of carefully administered surveys across the globe, economists and psychologists have certainly confronted a fair number of sticky issues around how to measure, and even define, happiness.