I think everybody in this generation, and I'm the leading edge of the baby boom - I was born in 1946 - has benefitted from a 30-year explosion of debt, which created temporary but unsustainable economic prosperity and a financialization of the system through lower, and lower, and lower interest rates that has created massive rewards to speculation but not real investments so I benefitted from it. Almost everyone who has been in the market has benefitted but they didn't earn it.

Kemp-Roth was always a Trojan horse to bring down the top rate.

I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going to have to stop this explosion of the federal debt. We need huge spending cuts, OK? Don't get me wrong, we need to raise regular taxes too but even beyond that it's not going to hurt if we want to reset the system to ask those who have benefitted disproportionately - remember, we got $60 trillion of net worth in the household sector. $45 trillion of that belongs to the top 5 percent.

I think the stock market is a very dangerous place to be at the present time. In fact, the stock market today is almost identical to where it was in October 2007 and then there was a $7 trillion crash and before that in March 2000.

I think we're so addicted to bubble finance at the Fed that they can't get out of the corner they painted themselves into. I think the Fed is making federal debt so cheap that Congress has no interest, Washington has no incentive to ever face up to our massive fiscal gap that is going to grow, and grow as we go forward in time and so we have a paralyzed system.

Insanity has infected all the central banks of the world.

I think everybody in this generation, and I'm the leading edge of the baby boom - I was born in 1946 - has benefitted from a 30-year explosion of debt, which created temporary but unsustainable economic prosperity and a financialization of the system through lower, and lower, and lower interest rates that has created massive rewards to speculation but not real investments so I benefitted from it. Almost everyone who has been in the market has benefitted but they didn't earn it.