For the people in government, rather than the people who pester it, Washington is an early-rising, hard-working city. It is a popular delusion that the government wastes vast amounts of money through inefficiency and sloth. Enormous effort and elaborate planning are required to waste this much money.
P.J. O’Rourke, “The Winners Go to Washington, D.C.”, Parliament of Whores, 1991
July 24, 2009
QotD: Government waste
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July 18, 2009
QotD: Leverage
American debt levels are hugely out of line with other countries. I’m a big fan of American exceptionalism, but in this case, I’ll say that we’re at least partially in error. We need to take the downside of leverage much more seriously, starting with our nation’s business schools. OF course, I don’t expect people taking on $100,000 worth of debt to be too easy to persuade of the dangers of leverage.
Megan McArdle, “Asymmetrical Information: Learning to (un)Love Leverage”, The Atlantic, 2009-07-17
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