The absolute gravest threat is the struggle that we're in against radical Islamic extremism which can affect - if they prevail - our very existence. Having said that, I would say that at this moment it's probably our dependence on foreign oil, affecting our climate and hurting fixed-income Americans the most.

If we don't get a handle on our energy policy, it is possible that the kinds of trends we've seen over the last year will just continue. Demand is clearly outstripping supply. It's not a problem we can drill our way out of. It can be a drag on our economy for a very long time unless we take steps to innovate and invest in alternative fuels. The market can accomplish a lot of that, but it's very important for the federal government to have a role.