Capital market liberalization includes freeing up deposit and lending rates, opening up the market to foreign banks, and removing restrictions on capital account transactions and bank lending. The focus is on deregulation, not on finding the right regulatory structure.

I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.

One of the real costs of the war is that our security is actually less than it otherwise would have been - ironic, since enhancing security was one of the reasons for going to war. Our armed forces have been depleted - we have been wearing out equipment and using up munitions faster than we have been replacing them; the armed forces face difficult problems in recruitment -by any objective measures,including those used by the armed forces, quality has deteriorated significantly.

I don't think if we had been able to make that choice rationally, we would have said that's what we want to do. We would have said: "Can't we save the banks and solve our health care problems?" The answer is yes. You could have.

When you're facing the threat of recession, you need to have an expansionary monetary and fiscal policy. Pre-Keynesian, Hooverite views are dead everywhere except on 19th Street in Washington.

The momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.

It is a set of policies formulated between 15th and 19th streets by the U.S. Treasury, and World Bank. Countries should focus on stabilization, liberalization, privatization.