The recent trading environment has felt something like walking into a place and having a sense that something is wrong and dangerous but not knowing exactly what will happen or when. “QE Infinity” has so distorted the prices of stocks and bonds that nobody can possibly determine what the investing landscape would look like, or what the condition of the economy and financial system would be, in the absence of Fed bond-buying.

The bottom line is that the euro is a failed experiment.

Derivatives trading should be standardized and as much as possible moved to clearinghouses.

Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.

The recent trading environment has felt something like walking into a place and having a sense that something is wrong and dangerous but not knowing exactly what will happen or when. “QE Infinity” has so distorted the prices of stocks and bonds that nobody can possibly determine what the investing landscape would look like, or what the condition of the economy and financial system would be, in the absence of Fed bond-buying.

You have got to welcome and embrace complexity.

Race is a part of every conversation in America, whether you know it or not.