Most consequential choices involve shades of gray, and some fog is often useful in getting things done

The plausible outcomes range from the gradual and benign to the more precipitous and damaging.

The government can help, but we need to make this transition now to a recovery led by private investment.

Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability

The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

Financial crises require governments.

If you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to - the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security.