David Malpass

While Washington pays lip service to the challenges facing small businesses, it repeatedly chooses its own expansion over results. In effect, government has become a huge silent partner in all businesses, often taking a majority of the profits and forcing many unprofitable business decisions without the risk that it will be fired.

The assumption that Washington could and would resolve Lehman Brothers without a bankruptcy, as it had Bear Stearns, was the single biggest mistake in the series of mistakes in 2007 and 2008 that led to the financial panic and the ensuing epidemic of job losses.

In 1979, the Supreme Court ruled 5-3 in Smith v. Maryland that a few days' worth of phone records for a single individual were not protected by the Fourth Amendment. The NSA today, though, collects hundreds of millions of phone records from hundreds of millions of Americans without an individualized warrant.