China's stock market is not very big. And yet when stock market has a bad day in China, it seems, Europe has a bad day and then we have a bad day.

There is the fact that - people have had a lot of confidence that the Chinese leadership could fix what is wrong with their economy so it wouldn't have ripple effects around the world. I think that confidence is being shaken by how difficult it is for them to manage their stock market and their currency.

At some point, people may decide that the U.S. stock market has fallen enough. After all, the U.S. economy seems to be getting better, that what happens in China is not going to have that devastating effect on car sales here or how many people buy Apple phones or what happens at - how many people shop at Wal-Mart.

I think it's hard to understand in economics. It's easier to understand on psychology.It's a kind of panic or a sense that the world economy is just not in as good shape as we thought and so everybody is chasing everybody else.

If you don't have a set of principles that you can explain for what you are doing, then how can anybody know what you're going to do next?

If the government can't get the economy moving again, they have a lot of fundamental problems.

I think that the feel that maybe China is slowing down means it will be buying less from Africa and Latin America. That means Procter & Gamble and Coca-Cola will sell less in Latin America and Africa. And so it is definitely related.