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 don't use my money to gain political influence for my private interests, which is what many rich people do, and what, in a sense, market fundamentalism does, because it is in the interests of people who have a lot of money to have as little taxes as possible.

The ultimate asset bubble is gold.

When money is free, the rational lender will keep on lending until there is no one else to lend to.

I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.

The more comprehensive and convincing a debt reduction program is, the less likely it is to fail. And remember, just as Germany is grateful to America for the Marshall Plan, Italy would be grateful to Germany for helping it lower its refinancing costs.

Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.