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

The only reason you would want your currency to fall, if you could control it, is in order to get more exports.

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.

I think oil prices are down for two reasons. One is, there is a lot of supply. There is a lot of supply because the U.S. now produces a lot of oil and there is a lot of supply because the Saudis seem to want to produce a lot of oil, maybe to punish the Iranians and the Russians.

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

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.

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