But where will the Fed find another bubble?

I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.

I don't think I've had any great success in predicting politics or social change, nor have I really tried.

The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.

These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.

By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.

So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.