A Growing Nation Is The Greatest Ponzi

First, Those Who Disagree With Market Efficiency Simply Assert That It Stands To Common Sense That Greater Effort To Get Facts And Greater Acumen In Analyzing Those Facts Will Pay Off In Better Performance Somehow Measured. (by This Logic, Cure For Cancer Must Have Been Found By 1955).

What Counts Is Results, And There Can Be No Doubt That The Soviet Planning System Has Been A Powerful Engine For Economic Growth...the Soviet Model Has Surely Demonstrated That A Command Economy Is Capable Of Mobilizing Resources For Rapid Growth.

Mea Culpa, Mea Culpa. Mit And Wharton And University Of Chicago Created The Financial Engineering Instruments, Which, Like Samson And Delilah, Blinded Every Ceo. They Didn't Realize The Kind Of Leverage They Were Doing And They Didn't Understand When They Were Really Creating A Real Profit Or A Fictitious One.

Anyone With Special Abilities Earns A Differential Return On That Flair, Which We Economists Call A Rent. Those Few With Extraordinary P.q. (performance Quotient) Will Not Give Away Such Rent To The Ford Foundation Or The Local Bank Trust Department. They Have Too High An I.q. For That.

It Is Not Easy To Get Rich In Las Vegas, At Churchill Downs, Or At The Local Merrill Lynch Office.