If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.

Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.

It's good for America when the rest of the world grows, because you can sell more to the rest of the world.

Just because we're stupid doesn't mean everybody else was.

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.