The discussion in Washington has changed dramatically. I mean, it's no longer a question of should we address entitlements - it's no longer a question of do we need to reduce spending in the future.

It is hard to be enthusiastic about the economy's prospects when house prices are falling: Households spend less, small business owners can't use homes as collateral for loans and local governments are forced to cut jobs and programs as property-tax revenue disappears.

I only have two things in my life, my family and work. If there's any time left over, then I play sports.

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

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.

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.

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