I have my own view, and I am going to try it out on each of you.

The more we want our markets in other respects to be open and free and to allow for failure... that requires more not less regulation.

the largest effect would arise from a temporary increase in aid to the unemployed.

I do completely agree, I think, with all of you that over the longer term we must act.

My view was a double. If we put money in a school budget for school construction, first off, it gets distributed down at a local level, which means actually you would build something.

the enemy of economic expansion in this country is the Federal Government, especially the way it has been pursuing policies for the last 2 years.

Are we a fragile economy? Yes, we are. Is there more work to be done? We can debate that.

the largest boost in the short run, as you said, but the largest negative effect in the long run.

Well, I think that is incredibly important testimony that you are giving us here today.

I will never forget being called to a meeting--I believe Senator Gregg was there as well--when the Secretary of the Treasury and the Chairman of the Federal Reserve told us that they were going to be taking over AIG the next morning.

The good news, though, is we do not face imminent fiscal crisis.