I don't think it's possible for the Fed to end its easy-money policies in a trouble-free manner. Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets, so there is no reason to suspect that the actual process of boosting rates would be any different. I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.

We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.

I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.

Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I'm only half joking

We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.

The Iraq War is largely about oil.

This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.