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.

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

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.

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

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.

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.

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