I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

My father claimed no political affiliation. He supported Al Gore because he knew him as a human being. He supported Lamar Alexander, who was the governor of Tennessee, who was a Republican. It was based on the individual. He didn't believe in politics. He based his support for someone on their heart and their integrity.

The spirit of democracy is not a mechanical thing to be adjusted by abolition of forms. It requires change of heart.

We didn't have much money when I was younger, so I had to collect Coke bottles and cash them in and get a paper route to afford a guitar. That guitar from Sears came with a case and an amp and everything all in one. It was really cool.

Well, first, the situation in Afghanistan is much better than it was. But there is no comparison between Afghanistan and Iraq. Iraq has a bureaucracy, Iraq has wealth. Iraq has an educated class of people who are positioned to come in and take over.