"We can know a lot. And still, no doubt, there are rash and wonderful ideas brewing somewhere; there are many surprises yet to come."

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In the distance, I see a frightful storm brewing in the form of un-tethered government debt. I choose the words -“frightful storm' - deliberately to avoid hyperbole. Unless we take steps to deal with it, the long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle and the recent debauching of credit markets that we are working right now so hard to correct.

— Richard W. Fisher