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

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

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.

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

My policy is I will help any policymaker who asks, whether they be a Republican or a Democrat.

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

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.