I'm A Rock Star Among Geeks, Wonks,

What We Need To Understand Is, One, That There Are Market Failures; And Two, That There Are Things Like Asset Bubbles And Irrational Exuberance. There Are Periods Of Booms, Bubbles, And Manias. These Things, If Left To Themselves, Can Lead To Crashes, To Busts, To Panics.

If We Didn't Have Greed, Market Economies Wouldn't Be As Innovative As They Are. But In My View, Greed Has To Be Contained By The Fear Of Losses, So There Has To Be A System Where, If You Take Too Much Risk, You Go Into Bankruptcy. You Don't Systematically Bail Out People Who Take Excessive Risks.

I Believe, Unlike People That Are Totally Free-market, Laissez-faire Fundamentalists, That There Is An Important Role That The Government Can Play - One, In Providing Public Goods, Whether It's Education, Health Care, Or Other Things, And Two, Supervising Countercyclical Policy - Stimulus, Whether It's Monetary, Fiscal, Or Otherwise.

I Think It's True That The 1 Percent Or The Elite Are Living In A World Of, Maybe, Excessive Privilege, And They Don't Fully Realize How Much Pain And Suffering, How Much Anxiety Exists Out There.

All The Risky Things That Were Happening Back In ’06 And ‘07 Are Back Again To The Same Level, If Not More. So We Are In The Beginning Of A Credit Bubble, But Just The Beginning.