In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.

I was lucky to live in New York when it was dangerous and edgy and cheap enough to play host to young, penniless artists. That was the era of "coffee shops" as they were defined in New York—cheap restaurants open round the clock where you could eat for less than it would cost to cook at home. That was the era of ripped jeans and dirty T-shirts, when the kind of people who are impressed by material signs of success were not the people you wanted to know.

At the beginning of a decade when everything was beginning to seem possible, nothing seemed impossible.

Becoming is better than being

The importance of Liking Yourself is a notion that fell heavily out of favor during the coptic, anti-ego frenzy of the Acid Era--but nobody guessed back then that the experiment might churn up this kind of hangover: a whole subculture of frightened illiterates with no faith in anything.

For however inhospitable the wind, from this vantage point Manhattan was simply so improbable, so wonderful, so obviously full of promise - that you wanted to approach it for the rest of your life without ever quite arriving.