Quote of the Day (October 11, 2008)

"People keep on stepping on the same rakes because money, like romance, is only partly an intellectual experience. Money, like sex, brings out some thought -- but also much heavy breathing and little stored knowledge. In finance, the process is cyclical. Some people learn from their ancestors, but mostly they repeat the same mistakes. Thus it has always been and thus it will always be...."

-- James Grant, editor, Grant's Interest Rate Observer ("Swept Up by the Insanity of the Markets," Joe Nocera, New York Times, 10/11/08)