[I]f you look at United States history since World War II, you find that of the 10 presidents who preceded Barack Obama, seven left office with a debt ratio lower than when they came in. Who were the three exceptions? Ronald Reagan and the two George Bushes.

On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.

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

If you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God.

The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.

Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.

Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience.