Franco Modigliani

Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree.

The immediate effect of the deficit is to make you feel good, like when you go on a trip and pay later. You feel good, and then you get a hangover. The deficit makes you feel good - until you pay later.

Finding a 'sacrificial lamb' on whom to tag blame for complicated problems is an important instrument in the toolkit of politicians, because it deflects blame for the nation's economic woes away from their own regulatory lapses, economic mismanagement and coddling to labor unions.

I grew up when people were afraid to 'come out' as gay. If you asked me how many gay kids I grew up with or went to school with, I would have said none - which of course could not have been true. The truth is I have no idea how many confused and frightened kids I grew up with. They are still out there.