Why does it have to be politics? Is there a dynamism to that world and a theoretical capacity to do things that draws many talented people? Absolutely. Are there other ways to be involved and lead an interesting life? Of course.

Sometimes in politics, you think you've seen it all. Turns out I was wrong.

Imagine if the pension funds and endowments that own much of the equity in our financial services companies demanded that those companies revisit the way mortgages were marketed to those without adequate skills to understand the products they were being sold. Management would have to change the way things were done.

Tax rates for the wealthy should revert to Clinton-era levels, both because it is necessary for long-term deficit reduction and because fairness dictates it. Moreover, there is no proof that higher marginal rates dissuade investment, all the rhetoric from the Right notwithstanding.

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.

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.

Virtually everywhere in the world, people still wake up and want their country to be more like the United States than any other nation. We are the envy of the world because of what we stand for and how our democratic process, flawed as it may often seem to be, operates. We should take pride in that.