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.

Donald 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.

The arrangement bore the same relation to actual finance as fantasy football bears to the NFL.

People were paid lots of money to make stupid decisions, people in big banks, and when people are paid to be stupid they'll be stupid. The question was, did they know they were being stupid or were they just stupid? I think you need to take it on a case by case basis. There was some sinister activity, but I think by and by it was people being incentivised to do the wrong thing.

Baseball has so much history and tradition. You can respect it, or you can exploit it for profit, but it's still being made all over the place, all the time.

Above all, recognize that if you have had success, you have also had luck — and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky.

The incentives are still rotten, and people are still paid to do things they shouldn't be doing. The reforms did not really address the incentives, the system is still dysfunctional and there are still behavioural issues that need to be addressed.