The Iraq War Is Largely

Clearly, Sustained Low Inflation Implies Less Uncertainty About The Future, And Lower Risk Premiums Imply Higher Prices Of Stocks And Other Earning Assets. We Can See That In The Inverse Relationship Exhibited By Price/earnings Ratios And The Rate Of Inflation In The Past. But How Do We Know When Irrational Exuberance Has Unduly Escalated Asset Values, Which Then Become Subject To Unexpected And Prolonged Contractions As They Have In Japan Over The Past Decade?

I Must Say, I Never Expected To See The Day Where I Would Be Talking About Anything Other Than Reducing The Debt, I'm Running Into The Tyranny Of Zero, Which Is Where You Can't Reduce (the Debt) Any More

Skilled Shortages In America Exist Because We Are Shielding Our Skilled Labor Force From World Competition. [visa Quotas] Have Been Substituted For The Wage Pricing Mechanism. In The Process We Have Created [a] Privileged Elite Whose Incomes Are Being Supported At Non-competitively High Levels By Immigration Quotas On Skilled Professionals. Eliminating Such Restrictions Would Reduce At Least Some Of The Income Inequality.

We May Be In A Rapidly Evolving International Financial System With All The Bells And Whistles Of The So-called New Economy. But The Old-economy Rules Of Prudence Are As Formidable As Ever. We Violate Them At Our Own Peril.

I Believe That The General Growth In Large [financial] Institutions Have Occurred In The Context Of An Underlying Structure Of Markets In Which Many Of The Larger Risks Are Dramatically -- I Should Say, Fully -- Hedged.