The probability of them shrinking the balance sheet to me is almost nonexistent.

I actually think the Fed's actions around the crisis were heroic, which I think both of you have acknowledged.

I was of a view that QE-3 was unnecessary, and we were at a point of diminishing returns.

It really did not do anything other than raise asset prices.

Our debt ultimately, we all know, threatens the republic, but it is a particular problem in that context.

We are not necessarily describing this problem well, because the problem with the debt is, number one, it does now and it will prevent us for a long time from doing the things we need to do to get our economy growing.

I think that it would be a good thing if we got deeply into the debate over broad tax reform in a context that helps deal with our long-term fiscal challenges.

we have a very large current debt burden in this country, $17 trillion, right, which is obviously a very big and significant number.

we are under-investing in certain areas that actually have been proven and demonstrated to have a good economic payback: infrastructure, certain aspects of education, et cetera.

if I was one of our foreign counterparties right now, ... these actions would somehow cause them to begin the process of slowly calibrating how they think about the United States as a counterparty.

The case is so persuasive. The case is so obvious.