In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful - but also very harmful to our society.

Once a trend is established it tends to persist and to run it’s full course.

I'm only rich because I know when I'm wrong.

We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today.

To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.

I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.