A few more quotable quotes from that new interview with 94-year-old economist Paul Samuelson:
On Greg Mankiw and Ben Bernanke
The 1980s trained macroeconomics — like Greg Mankiw and Ben Bernanke and so forth — became a very complacent group, very ill adapted to meet with a completely unpredictable and new situation, such as we’ve had.
On Robert Lucas and his acolytes
Those guys were useless at Federal Reserve meetings.
On Alan Greenspan
But the trouble is that he had been an Ayn Rander. You can take the boy out of the cult but you can’t take the cult out of the boy.
On Milton Friedman
He was a libertarian to the point of nuttiness.
And I’m not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that’s been happening for along time. It works both ways.
On the dollar
I think it’s almost inevitable that, with a billion people in China wide awake for the first time, and a billion people in India, there’s going to be some kind of a terrible run against the dollar. And I doubt it can stay orderly, because all of our own hedge funds will be right in the vanguard of the operation.