There Are No Easy Choices. Easy Choices

But Rules Cannot Substitute For Character.

Developing Protectionism Regarding Trade And Our Reluctance To Place Fiscal Policy On A More Sustainable Path Are Threatening What May Well Be Our Most Valued Policy Asset: The Increased Flexibility Of Our Economy, Which Has Fostered Our Extraordinary Resilience To Shocks.

Even Though Some Down Payments Are Borrowed, It Would Take A Large, And Historically Most Unusual, Fall In Home Prices To Wipe Out A Significant Part Of Home Equity. Many Of Those Who Purchased Their Residence More Than A Year Ago Have Equity Buffers In Their Homes Adequate To Withstand Any Price Decline Other Than A Very Deep One.

Productivity Is Notoriously Difficult To Predict.

I'm Not Denying That Monopolies Are Terrible Things, But I Am Denying That It Is Readily Easy To Resolve Them Through Legislation Of That Nature.