If prices go down, we will have problems - problems in the sense of spillover to other areas.

Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.

Credit-default swaps, I think, have serious problems associated with them.

When trust is lost, a nation's ability to transact business is palpably undermined.

The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions... Derivatives have permitted the unbundling of financial risks.

What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.

Regulation - which is based on force and fear - undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.