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

Distressed properties are often vacant and in disrepair, and thus sold at significant discounts. As the share of distressed sales grows, home prices fall.

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

In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

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?

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

The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.