Long-Term Markets

I expect there will be some failures . . . I don’t anticipate any serious problems of that sort among the large internationally active banks.

—Ben Bernanke, Federal Reserve Chairman, February 28, 2008

Professor Goddard does not know the relation between action and reaction and the need to have something better than a vacuum against which to react. He seems to lack the basic knowledge ladled out daily in high schools.

—A 1921 New York Times editorial about Robert Goddard’s work on rocket propulsion, nominated as the worst Times editorial of all time. The newspaper published a correction on June 17, 1969, motivated by the Apollo crew beginning their journey to the moon.

IT IS CONVENTIONAL FINANCIAL wisdom that over a ...

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