Something that's unsustainable, like a dysfunctional relationship, can go on longer than you expect, and then end faster and messier than you think.

If you didn't auction the [CO2] permits, it would represent the largest corporate welfare program that has ever been enacted in the history of the United States. All of the evidence is that what would occur is that corporate profits would increase by approximately the value of the permits.

The government could either raise $100 by selling allowances and then give that amount in cash to particular businesses and individuals, or it could simply give $100 worth of allowances to those businesses and individuals, who could immediately and easily transform the allowances into cash through the secondary market.

For example, I was privileged to be working at the White House under the Clinton administration and had not finished my Ph.D., and I thought I was the cat's meow.

Well, I think what we need to remember is that budget deficits can impede economic activity.

There've been times where I wondered whether it was worth continuing in my own education.

Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.