Mark Zandi on the U.S.'s fiscal mess

I think we're going to come to a - what I would call - a reasonably graceful resolution to the problem.

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Let me give you some numbers. The deficit-to-GDP today is 9%. With an improving economy we'll probably get to a deficit-to-GDP of about 5%. To get to a sustainable deficit-to-GDP - one that's not causing our debt loads to rise and interest payments to increase - we need to get to 3% of GDP. So we have to close a 2% to GDP deficit gap. That's about $300 billion a year. I think we can address that: couple hundred billion in spending restraint, hundred billion in tax increase. If we do that and lay out a credible path to doing that over the next 5-7-10 years, I think we'll be just fine.

~ Mark Zandi, Yahoo Finance tech/ticker, January 5, 2011

Warren Buffett shares a confused interpretation of America, past and present

We had four million people here in 1790. We’re not more intelligent than people in China, which then had 290 million people, or Europe, which had 50 million. We didn’t work harder, we didn’t have a better climate, and we didn’t have better resources. But we definitely had a system that unleashes potential. This system works. Since then, we’ve been through at least 15 recessions, a civil war, a Great Depression. … All of these things happen. But this country has optimized human potential, and it’s not over yet. It’s like what’s written on the tomb of Sir Christopher Wren: If you seek his monument, look around you.

~Warren Buffett, investor, as quoted in the New York Times' DealBook, January 5th, 2011

George Bush provides a rationale for bailing out the financial markets in 2008

If money isn’t loosened up, this sucker could go down!

~George Bush, 43rd president of the United States of America, comment made on the financial markets and economy in September, 2008

Warren Buffett on the wisdom of George Bush

The 10 most immortal words in the history of economics.

~Warren Buffett, investor, commenting on George Bush's 2008 declaration, as quoted in the New York Times' DealBook, January 5th, 2011

Warren Buffett defends George Bush's bailout

People should see that the government can do things right. I may not have convinced anyone, but it should mean something when I say George Bush was right!

~Warren Buffett, investor, as quoted in the New York Times' DealBook, January 5th, 2011

Mark Zandi defends the American Empire based on blind faith in policymakers

We have big problems, the number one issue is our fiscal situation. In my view, it was very important for policymakers to act aggressively in response to the financial panic and the Great Recession, but as they say there is no free lunch. It did cost us, you can see it in our deficits and in our debt load. So, we've got a lot of hard work to do but I think we're up to the task and ultimately we will address the issue gracefully enough that we'll get through this reasonably well.

~Mark Zandi, chief economist, Moody's, Yahoo! Tech Ticker interview, January 5th, 2011

Jim Cramer on the investing outlook for 2011

Your New Year’s resolution should be to temper caution… 2011 is the year for aggressive investing.

~ Jim Cramer, as appeared on CNBC, January 3, 2011

(Cramer gave his top DJIA picks for the year: #1 - Alcoa, #2 - Intel, #3 - American Express.)