Most Consequential Choices Involve Shades Of Gray,

This Crisis Is Not Simply A More Severe Version Of The Usual Business Cycle Recession, The Typical Downturn In Which Economies Ultimately Adjust And Stabilize.

The Government Can Help, But We Need To Make This Transition Now To A Recovery Led By Private Investment.

The World Is Likely To View Any Temporary Extension Of The Income Tax Cuts For The Top Two Percent As A Prelude To A Long-term Or Permanent Extension, And That Would Hurt Economic Recovery As Well By Undermining Confidence That We're Prepared To Make A Commitment Today To Bring Down Our Future Deficits.

There Is A Basic Lesson On Financial Crises That Governments Tend To Wait Too Long, Underestimate The Risks, Want To Do Too Little. And It Ultimately Gets Away From Them, And They End Up Spending More Money, Causing Much More Damage To The Economy.

Looking Past The Immediate Crisis, A More Resilient System Must Be Built On Stronger And Better Designed Shock Absorbers, Both In The Major Institutions And In The Infrastructure Of The Financial System.