“ In the fourth grade, my history teacher gave us a project: Why was the auto industry located in Detroit, Michigan? I didn't know I was going to be an economist, but I knew I was going to do something that was involved in answering questions like that one because I thought that was a fascinating question. ”
Now, I do think when we move into 2012 and '13 when, presumably, the economy is on firmer ground, I would allow the tax rates for upper-income individuals to revert back to where they were before the cuts in the 1990s. I think at that point it makes perfect sense.
Yes. I don't think it would be appropriate at this point to raise taxes on anyone, certainly not in 2011.
The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it.
Buying a home wouldn't make much sense if house prices were likely to decline further; no one wants to catch a falling knife.
I only have two things in my life, my family and work. If there's any time left over, then I play sports.
Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.
The biggest culprits in the housing fiasco came from the private sector, and more specifically from a mortgage industry that was out of control.
The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.
The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.