If Mr. Trump gets precisely the policies he says he wants, then the economy will suffer a recession.

The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.

Housing was ground zero for the Great Recession. Between early 2006 and Obama's inauguration in 2009, average house prices fell by a third across the country. In certain areas, including cities as diverse as Akron, Orlando and Las Vegas, house prices fell by more than half.

Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.

Our economy isn't going to recover until the housing market finds its footing.

I've done work for both Democrats and Republicans.

Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.