The vicious cycle that is bringing down European states is not going to hit us [the USA], at least not for a while, at the level of the federal government. The same cannot be said of state and local governments.
Michael LewisThe world clings to its old mental picture of the stock market because itโs comforting; because itโs so hard to draw a picture of what has replaced it; and because the few people able to draw it for you have no interest in doing so.
Michael LewisYet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.
Michael LewisDonald Trump got almost 3 million fewer votes than Hillary Clinton! He happened to get more in some of the right places. It was just like one of those things where a stock going up and people impose a false sense of order on it. It's really more intellectually honestly viewed as a disorderly process.
Michael Lewis