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.

City Year resonated with me because when I grew up, we were poor - and an education is a way out of poverty. It's a way out of the current situation that can seem isolating and hopeless for some kids.

I've always been a big believer in diversification for anybody. It's never good to put all of your efforts and all of your time and all of your financial resources into just one project. Diversification is key for any individual and any business.

We don't have to sit by and watch our meritocracy be replaced by a permanent aristocracy, and our democracy be undermined by dynastic wealth.

Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.