The trouble is that the average trader on Wall Street, he or she is so young, he doesn't even remember the recession of 2001, let alone the previous one.

The U.S. has been living in a situation of excesses for too long. Consumers were out spending more than their income and the country was spending more than its income, running up large current-account deficits. Now we have to tighten our belts and save more.

I am just a normal human being - I am alive! Why is anyone surprised that I am human? Like many New Yorkers, I have a multifaceted life.

I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund.

The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.