Nobody really knows what the market is going to do, but it sure looks like we are going to have a lot more volatility.

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?

I think the one thing that's going on here is that people are saying, uh-oh, the Chinese economy might be slowing more than we thought and the government is having a hard time stimulating it again.

There is also a concern that there is a lack of demand of oil. And so when commodity prices fall, it's good if you happen to be a consumer, but it's sometimes seen as symptom of a weakening economy.

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.

The stock market was relieved that the Fed didn't sound tougher, and the stock market seems to figure that everything they like about Donald Trump will come true, and everything they're afraid of about Donald Trump will not come true.

I think what the Fed fears is that, if Donald Trump gets big tax cuts and big spending increases that take effect right now, when the economy is close to full employment, they will have to raise rates more rapidly.