Global demand for dollars has supplanted demand for manufactured goods and services, resulting in multilateral trade deficits and loss of jobs at home.

Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible.

I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.

Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.

When Donald Trump campaigned for president, he told the American people that he would be a different type of Republican, that he would take on the political and economic establishment, that he would stand up for working people, that he understood the pain that families all across this country were experiencing. Well, sadly, it was just cheap and dishonest campaign rhetoric that was meant to get votes, nothing more than that.

The striking thing about America is - it's historically, extraordinary unusual, I don't of any other instance - is that productivity of workers and wages have not moved in tandem.

Negative effects on the economy were covered up with a flood of liquidity from the Fed. That,plus lax regulation, led to a housing bubble, a consumption boom - but we were living on borrowed money. It was inevitable that there would be a day of reckoning, and it has now come. We will be paying the costs "with interest".