But in the financial markets, without proper institutional rules, there's the law of the jungle - because there's greed! There's nothing wrong with greed, per se. It's not that people are more greedy now than they were 20 years ago. But greed has to be tempered, first, by fear of losses. So if you bail people out, there's less fear. And second, b prudential regulation and supervision to avoid certain excesses.

I'm not a pessimist by nature. I'm not someone who sees things in a bleak way.

Having spent 10 years studying emerging markets, I know that you have patterns repeated over and over again. A bubble is like a fire which needs oxygen to continue... when you see there is no oxygen, things change.

I am quite international. My background, born in Turkey. My family is a Jewish family from Iran, so I went from Turkey to Iran to Israel, and then grew up in Italy and ended up in U.S. for graduate school. So I tend to look at things from an international perspective, and I think that gives you a little bit of a broader view of what's going on.

The gains from technology must be channeled to a broader base of the population than has benefited so far.

In the history of modern capitalism, crises are the norm, not the exception.

I'm a rock star among geeks, wonks, and nerds.