“The problem for free-market economists is that their policy recommendations at the dawn of a recession are not too sexy to the political mindset. They involve either doing nothing to hinder price adjustments, or actively removing extra-market barriers to price adjustments. This often involves short-term pain in exchange for long-term solutions, when politics rewards short-term solutions that result in long-term pain.”
“Anyway, maybe there weren't any solutions. Human society, corpses and rubble. It never learned, it made the same cretinous mistakes over and over, trading short-term gain for long-term pain.”
“Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.”
“The ability to discipline yourself to delay gratification in the short term in order to enjoy greater rewards in the long term, is the indispensable prerequisite for success.”
“The desire to avoid short-term hardships leads to major dislocations in [housing] markets.”
“Deciding to commit yourself to long term results rather than short term fixes is as important as any decision you'll make in your lifetime.”