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.

That is why I came to conclusion that the election must take place, so that the republic can have a government. If I were to say that everything will change for the better immediately, that would not be true. The struggle will continue for a long time.

Democracy as a promise means that society can never be just enough and that the self-reflection and struggles that enable all members of the community to participate in the decisions and institutions that shape their lives must be continually debated, safeguarded, and preserved at all costs.

Google will be obliged either to accept Chinese regulations or exit the world's largest Internet market, with serious consequences for its long-term global ambitions. This is a metaphor for our times: America's most dynamic company cannot take on the Chinese government - even on an issue like free and open information - and win.

Basically, I think society functions thanks to how certain key industries work - government, finance, healthcare, education, energy. Pretty much all of these have a huge impact on everything else.