The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.

You can't fuel real economic growth with indiscriminate credit. You can only fuel it with well-allocated, long-term investment.

The ban on sports betting does exactly what Prohibition did. It makes criminals rich.

Politically speaking, it's always easier to shell out money for a disaster that has already happened, with clearly identifiable victims, than to invest money in protecting against something that may or may not happen in the future.

The oil market is especially sensitive even to a hint of expansion or contraction in supply.

Under the right circumstances, groups are remarkably smart - smarter even sometimes than the smartest people in them.

The value of a currency is, ultimately, what someone will give you for it - whether in food, fuel, assets, or labor. And that's always and everywhere a subjective decision.