There's (a) problem that I think is brewing, and that is the end of the housing boom in the United States and the ability of households to spend more than they earn because the value of their house is rising.

I think the whole idea of eradicating the drug problem is a false idea, ... You can discourage the use of drugs, you can forbid the use of drugs, you can treat people who are addicted to drugs, but you cannot eradicate drugs. Once you accept this point, you may be able to develop a more rational approach to the problem.

International capital flows must have been at the root of the problem,

There has been a housing boom, but it is not a bubble. It is more like a soufflé with the air slowly leaking out.

The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.

Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.