I think the Chinese are really amateurs when it comes to running markets.

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.

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.

People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.

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.

Chinese don't really believe in markets. They like stability, they like control.

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.