I'm all for empowerment and education, but the empirical evidence is that it doesn't work. That's why I say make it easy.

Why tie to gold? Why not 1982 Bordeaux?

If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.

Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.

If people just put away what's left at the end of the month, that's a recipe for failure.

I'm all for empowerment and education, but the empirical evidence is that it doesn't work. That's why I say make it easy.

The lesson from behavioral economics is that people only save if it's automatic.