In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.

I've done work for both Democrats and Republicans.

Yes. I don't think it would be appropriate at this point to raise taxes on anyone, certainly not in 2011.

The upshot of Mr. Trump's economic policy positions under almost any scenario is that the U.S. economy will be more isolated and diminished.

A housing renaissance has begun. This may be hard to believe after the dizzying, six-year-long crash in home sales, construction and house prices. But housing turned the corner last year, and it will take off in 2013.

Defaulting on the nation's debt would be cataclysmic. The U.S. Treasury's Aaa rating is the one constant in the world's financial system. When times are bad anywhere on the planet, global investors flock to Treasury bonds because they know they will get their money back.

We need to get rid of the debt ceiling law. It's anachronistic and it's a problem.