Imagine if investors in Wal-Mart really cared about bribery at that company's overseas operations or safety standards at its overseas manufacturing plants. If investors pulled their capital, corporate leaders would have to respond.

The reason to drive this point home with a vivid and frank comparison is many New Yorkers are still not confronting the reality of how serious our crisis is. It was an exhortation to face reality.

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.

Power must be used, but it must be tempered by soul-searching and the recognition of our human capacity for error. That is the maxim that should inform our approach to every challenge, from reforming state government to engaging in foreign affairs.

After 25-plus years as a lawyer, prosecutor, and defense attorney, I have developed a deep appreciation for both the wisdom of the law and the role that jurists play in framing the rights and responsibilities that define our society.

As one who was a prosecutor for many years, I can tell you that having a tape recording of interrogations would help everybody. It would make clear if there had been improper pressure exerted on a defendant or witness, and it would also protect the interrogating officer from false claims that such pressure had been brought to bear.

I don't have any particular expertise-I've never been a banker or an investment banker. But I did see an evolution in the system that I thought was problematic.