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.

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

The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.

Buying a home wouldn't make much sense if house prices were likely to decline further; no one wants to catch a falling knife.

The key to house prices is the share of foreclosure or short sales in the total housing market. When that share rises, house prices will fall, because distressed properties sell for significantly less - currently around 25 percent below non-distressed houses.

The Obama administration deserves credit for quickly ending the housing free fall. In particular, Obama empowered the Federal Housing Administration to ensure that households could find mortgages at low interest rates even during the worst phase of the financial panic.

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