America has tolerated inequality because people think they can get ahead. If you have immobility on top of inequality, then people are not going to be happy campers. If you're stuck on the bottom and there just isn't much churning in society and you're stuck there through your adulthood, that's not a nice life to look forward to.

Conservatives are tougher. They fight harder, they fight for their own, and they're willing to win for themselves and they're willing to impose pain on the opposition. Liberals are much less willing to do that. They're much more - they would much rather give to everybody.

I think, and there's a pretty strong economic consensus on this, that at that juncture you should spend more, even though it may sound illogical to some people when the revenues are down, but spend more to juice things up and then do the cuts later once you're back, your economy is back in gear and running.

The liberal posture really requires a willingness to give to others, and that works, as I say, when you have an expanding pie. But if you don't have an expanding pie, everyone starts hunkering down.

America has tolerated inequality because people think they can get ahead. If you have immobility on top of inequality, then people are not going to be happy campers. If you're stuck on the bottom and there just isn't much churning in society and you're stuck there through your adulthood, that's not a nice life to look forward to.