The Nobel Foundation is almost exonerated for its awarding peace prizes to the likes of Yasser Arafat, Jimmy Carter and Mikhail Gorbachev:

Edward Prescott, who picked up the Nobel Prize for Economics, said President George W. Bush's tax rate cuts were "pretty small" and should have been bigger.

"What Bush has done has been not very big, it's pretty small," Prescott told CNBC financial news television. "Tax rates were not cut enough," he said.

Lower tax rates provided an incentive to work, Prescott said.

Almost. (Goodness knows how politics let this man win.)