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.

History has not dealt kindly with the aftermath of protracted periods of low risk premiums.

The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.

Any informed borrower is simply less vulnerable to fraud and abuse.

I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.

Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.

Productivity is notoriously difficult to predict.