I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.

If I subscribed to the efficient market theory I would still be delivering papers

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

The good thing is, we have household formation in this country.

The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.

It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.