It is a very bad idea for governments to create arbitrary and unfair outcomes, or outcomes resulting from the passions and whims of the government rather than from the law, just because they have the power to do so.

The building block of every community is family.

You have got to welcome and embrace complexity.

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

Resentment is not morally superior to earning money.

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

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.