The Tea Party was born out of the disgust many Americans felt early in the financial crisis upon learning that the federal government was even contemplating reducing the principal on some troubled mortgages.

There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.

Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?

Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.

Make America Great Again was a political slogan. It was used before, I believe Ronald Reagan used it before. It was about making America great and rallying America. Unfortunately, I would say 10 percent of the population that voted for President Trump has a different view. They have embraced it as ‘Make America White Again.'"

The organization of the government itself is something which we ought to examine in a more self-conscious way - the Federal Reserve and the Treasury and the Securities and Exchange Commission. The mission that each of them has is mainly economic but should be informed by good organizational practices.

Let me say again that the relationship is asymmetrical: there's no democracy without a market economy, but you can have a market economy without democracy.

We cannot run a democracy without a strong middle class.