I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.

The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.

Credit-default swaps, I think, have serious problems associated with them.

Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.

[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.