We’re just going into the teeth of this recession. It’s a very deep recession, a worldwide recession. Not the Great Depression, that’s hyperbole, but possibly the worst since World War II.

A lot of [the car companies] may not be in business in 10 years, anyway. On the other hand, we’re going around handing out checks left and right. It’s just very hard to tell unions to go jump in the lake.

—Kenneth Rogoff