We are trying to make the world a better place, but that is not necessarily what we accomplish. Many of the problems which preoccupy us are basically insoluble.

It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.

However, even a strong government can't perform miracles. It needs money from the taxpayers.

You could adjust the punishment to fit the infraction. Even a small fine would be enough to bring an errant government to heel.

The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.

Discount the obvious, bet on the unexpected

The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.