Despite the recent conviction of many that we're headed back to inflation, I think deflation remains the more likely prospect. You've just got too much excess capacity in the world.

If Hillary [Clinton] is elected, is she going to be able to jack up taxes with virtually no deductions, and include capital gains? Unless democrats have a clean sweep of Congress, I don't think that's going to happen either.

I said earlier [2015] year that I thought we'd get to 10 or 20 bucks [per barrel ] because that's the marginal cost, and when you're in a price war, it's the marginal cost that determines the price.It is a price war because basically the OPEC reason did not cut production in their November 2014 meeting was that they got tired of cutting production and having American frackers and Russians et cetera grab market share.

Investors aren't willing to accept the idea that we're in an era of lower returns.

One of the things I think is very likely is that with the prospects of robust fiscal stimulus in response to voters mad as hell, the Fed is going to be in there with helicopter money. In other words, they're going to be buying whatever the Treasury issues. They're not going to, in effect, advocate strong fiscal stimulus and then not finance it. And that's helicopter money.

We've seen that in the past that where you've had uncertainty, and even where the Fed is raising rates, Treasurys rise as everybody heads for safety.

Despite the recent conviction of many that we're headed back to inflation, I think deflation remains the more likely prospect. You've just got too much excess capacity in the world.