The break for me was the Medicare drug benefit in 2003. It's just grossly expensive, bad policy. After that, I no longer gave them the benefit of the doubt and started seeing the glass as half-empty.

So I think we shouldn't be overly concerned about the decline in personal saving at this particular moment and time, but it's something we certainly need to keep an eye on.

I believe any decline would lock in a Fed increase with some certainty.

The break for me was the Medicare drug benefit in 2003. It's just grossly expensive, bad policy. After that, I no longer gave them the benefit of the doubt and started seeing the glass as half-empty.

People are increasingly concerned about unemployment, but Republicans have nothing to offer them.

The conservative side of our political spectrum has had an outsized voice over the last few years. I think especially since the establishment of Fox News, which has created an echo chamber in which people just hear the same ideas repeated ad infinitum. And you know, it's just basic advertising, basically. You hear the same idea over and over again. Or you can call it propaganda if you like.

There's bound to be a recovery in [capital spending] sometime soon. We have had basically no capital investment for about year. At some point, machinery wears out, and you've got to replace it.