Ross Mackenzie
Quotes on the economy as the new year begins.....

David Malpass, global economist: "In its first days, the new Congress has to act on the understanding that this is a takeover, an upheaval of the old spending culture....The people and financial markets want deep spending cuts starting with Washington's sacred cows. This means cutting Washington's commissions, idle Tarp funds, earmarks, unused stimulus, the costly Jones Act (which blocked oil clean-up), multi-billion-dollar ethanol subsidies, cars, staff, planes, vacations, salaries, unbuilt buildings, open purchase orders -- all the stuff members approve to help expand government and win re-election but isn't affordable during a financial crisis."

Sarah Palin, former Alaska governor and 2008 Republican vice-presidential nominee: "The weak dollar -- a direct result of the Fed's decision to dump more dollars onto the market -- is pushing oil (and other) prices upward. We want a stable dollar combined with real economic reform. It's the only way we can get our economy back on the right track."

Steve Forbes, editor-in-chief of Forbes magazine: "Imagine if the government decided to increase the number of minutes in an hour from 60 to 70. You can hear policy-makers congratulating themselves: 'People will work longer at the same pay. This will be a boon to productivity!' Or if Washington increased the number of inches in a foot from 12 to 15: 'Home buyers will thus get more house for the same price and that will stimulate home buying!' Preposterous? It's no more foolish than what we and other countries routinely do with our currencies."

Seth Lipsky -- author, most recently, of "The Citizen's Constitution: an Annotated Guide" (Basic Books, 2009): "Former Fed Chairman Alan Greenspan himself (has)...warned that 'fiat money has no place to go but gold.' Even the president of the World Bank, Robert Zoellick, has just called for restoring a role for gold in the monetary system."

John Cogan and John Taylor, both senior fellows at the Hoover Institution: "The implication of our empirical not that the stimulus of 2009 was too small, but rather that such counter-cyclical programs are inherently limited. The lesson is to beware of politicians proposing public works and other government purchases as a means to stimulate the economy. They did not work then and they are not working now."

Ross Mackenzie

Ross Mackenzie lives with his wife and Labrador retriever in the woods west of Richmond, Virginia. They have two grown sons, both Naval officers.

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