A lot of the money in the stock market is really our national retirement plan, for better or worse.

A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.

As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.

In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.

A prudent silence will frequently be taken for wisdom and a sentence or two cautiously thrown in will sometimes gain the palm of knowledge, while a man well informed but indiscreet and unreserved will not uncommonly talk himself out of all consideration and weight. (Alexander Hamilton's 'thesis on discretion' written to his son James shortly before his fatal duel with Burr.)

I'm dubious about having Social Security put into the stock market. I think that we have gotten very far away from the idea that there's something sacrosanct about retirement investments.

The history of Wall Street is inseparable from New York.