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“The full consequences of a default or even the serious prospect of default by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the cost, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”

“Through exploitation of its influence over global financial affairs, the United States has been able to cover the costs of its hegemonic position, preserve a false domestic prosperity, and mask the consequences of its relative political and economic decline.”

“So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies - above all, off the financial sector - this policy has raised America's cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.”

“I would ask: Given the nature of free-market capitalism - where the rule is to rise to the top at all costs - is it possible to have a financial industry hero? And by the way, this is not a pop-culture trend we're talking about. There aren't many financial heroes in literature, theater or cinema.”

“Big banks churn out page after page of incomprehensible fine print to obscure the cost and risks of checking accounts, credit cards, mortgages and other financial products. The result is that consumers can't make direct product comparisons, markets aren't competitive, and costs are higher. If the playing field is leveled and the broken market fixed, a lot more money will stay in the pockets of millions of hard-working families. That's real stimulus - money to families, without increasing our national debt.”

“A global financial cabal engineered a fraudulent housing and debt bubble [2008], illegally shifted vast amounts of capital out of the US; and used 'privatization' as a form of piracy - a pretext to move government assets to private investors at below-market prices and then shift private liabilities back to government at no cost to the private liability holder Clearly, there was a global financial coup d'etat underway.”

“The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.”

“The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.")”

“There's no razor in candy. If for no other reason, it doesn't make financial sense. It's not fiscally prudent. How much does a piece of candy cost - like, a penny and a half? An apple's like 15 cents? Anybody here bought a Mach 3 replacement cartridge recently? They're so expensive, they don't even keep them on the shelf. You know, you have to ask the people behind the counter. I feel like I'm trying to buy enriched plutonium or something.”

“I am not sure that I know enough about the pre-history of 9/11 to agree or disagree. But I did think at the time that the [George W.] Bush administration took a number of cues from the Israeli government, not only by drawing on and intensifying anti-Arab racism, but by insisting that the attack on US government and financial buildings was an attack on "democracy" and by invoking "security at all costs" to wage war without a clear focus (why the Taliban?), and by suspending both constitutional rights and the regular protocol for congressional approval for declaring war.”

“The trouble is that the risks that are being hedged very well by new financial securities are financial risks. And it appears to me that the real things you want to hedge are real risks, for example, risks in innovation. The fact is that you'd like companies to be able to take bigger chances. Presumably one obstacle to successful R&D, particularly when the costs are large, are the risks involved.”

“Since 1994, lawmakers on both sides of the aisle have considered it politically risky to offer a plan to fix America's broken health care system. The American public, though, has paid the price for this silence as health care costs skyrocketed, millions went uninsured, and millions more grappled with financial insecurity and hardship.”