The Republican argument that raising the debt ceiling encourages additional future spending is logically irresponsible. The debt ceiling has to be raised to authorize spending already approved by Congress. Despite that fallacy, the GOP has been able to score political points with its argument.

Don't reward bad behavior. It is one of the first rules of parenting. During the financial cataclysm of 2008, we said it differently. When we bailed out banks that had created their own misfortune, we called it a 'moral hazard,' because the bailout absolved the bank's bad acts and created an incentive for it to make the same bad loans again.

In politics you learn to always smile.

The attacks on the World Trade Center and the Pentagon shook our nation to the core. Americans were deeply frightened, sad, and angry, and they rallied around a President who, at the time, showed impressive certitude and calm.

As someone with a deep faith in competition and the market, I also know that markets only work with tough enforcement of the rules that guarantee competition and fair play - and that the pressure to break those rules only gets stronger as the amount of money involved gets larger.

I believe in an evolving Constitution. A flexible Constitution leaves room for us to consider not merely how the world once was, but how it ought to be.

Companies that pollute should be taxed so that a product's cost to society is reflected in the price of that product.