They called me the sexiest economist in America, and that was years ago, when I had hair and body mass and my teeth were shiny.

An overheating economy, characterized by accelerating inflation and rising interest rates, is another precondition for recession. This doesn't describe today's economy.

There is a banking adage that if it's growing like a weed, it's a good chance that it's a weed.

Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.

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

The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.

Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?