It may be that the U.S. stock market starts to rise if people think it's gone far enough.

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.

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.

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.

It may be that the U.S. stock market starts to rise if people think it's gone far enough.

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.

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