If Investing Is Entertaining, If You're Having

Financial Markets Are Supposed To Swing Like A Pendulum: They May Fluctuate Wildly In Response To Exogenous Shocks, But Eventually They Are Supposed To Come To Rest At An Equilibrium Point And That Point Is Supposed To Be The Same Irrespective Of The Interim Fluctuations. Instead, As I Told Congress, Financial Markets Behaved More Like A Wrecking Ball, Swinging From Country To Country And Knocking Over The Weaker Ones. It Is Difficult To Escape The Conclusion That The International Financial System Itself Constituted The Main Ingredient In The Meltdown Process.

I Have Made It A Principle To Give Advice That Does Not Serve My Personal Interest But Rather The Common Interests.

We Are The Most Powerful Nation On Earth. No External Power, No Terrorist Organization Can Defeat Us. But We Can Defeat Ourselves By Getting Caught In A Quagmire.

It Is Sort Of A Disease When You Consider Yourself Some Kind Of God, The Creator Of Everything, But I Feel Comfortable About It Now Since I Began To Live It Out.

In Certain Circumstances, Financial Markets Can Affect The So-called Fundamentals Which They Are Supposed To Reflect. When That Happens, Markets Enter Into A State Of Dynamic Disequilibrium And Behave Quite Differently From What Would Be Considered Normal By The Theory Of Efficient Markets. Such Boom/bust Sequences Do Not Arise Very Often, But When They Do, They Can Be Very Disruptive, Exactly Because They Affect The Fundamentals Of The Economy.