Katrina will be a significant test of how flexible our bankruptcy rules are. Banks have a lot of experience dealing with debtors in difficulty because of natural disasters. The first focus will be on making sure people can meet their immediate financial needs.

I tried to make it pretty clear even before (leaving the Treasury Department) that it was not the kind of job I would be interested in. Its portfolio is a lot narrower than where my areas of interest lie.

It was very clear from their testimony yesterday that they make up their minds based upon what the current market conditions are.

By closing out competition from discount brokers and banks, consumers are forced to pay high commissions with little opportunity to shop around for a better deal. With housing prices at an all-time high, there is no better time to bring greater competition into the marketplace.

Wealthy people with means should be required to pay something on debts and not be able to walk away from them.

The law, as changed, removes some of the discretion and lack of rules there might have been in the past, but it doesn't eliminate the flexibility that you need when there are unusual circumstances.