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.

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.

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.

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

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

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

I think it was seen as a symptom that the Chinese leadership may be really scared about their economy.Why would you want to depend more on exports if you're a country that has a stated policy of relying less on exports and more on consumer spending, domestic spending?