The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

I know what I want to do and it makes sense to get going.

As one of my older friends says, "Nostalgia just isn't what it used to be." Let's take a stab at it, anyway.

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

I mean [Franklin Delano] Roosevelt didn't - you know, when he came in, he didn't print any money.