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" In this age, if the currency of a major nation collapses, or its access to borrowing ends, it just can't function. "

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" When Xi Jinping came to power, there were a series of hints that market-based capitalism would be allowed to move forward under his leadership. At the first real threat, they've fallen over themselves to impose government control. "

" The Fed is the major U.S. firefighter. It's not the Treasury. It's not the Congress. We certainly saw that vividly in 2008. "

" Cheap natural gas is a big stimulus to petrochemical production and a meaningful one for all U.S. manufacturing. "

" Russia's oil fields are mature and require capital and Western technology even to keep production flat. "

" The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured. "

" Housing works like a trampoline. When it is pushed down far enough and long enough, it will eventually snap upward very powerfully. "

" There are a lot of anachronisms in Washington, but the need to periodically raise the debt limit by Congressional vote is certainly one of them. "

" As we all know, the budget decisions which give rise to increased debt are what counts, and the debt is just a by-product of those budget decisions. "

" Mergers generate substantial synergies. "

" Reasonable mergers generate substantial synergies, so that provides for earnings and cash-flow growth even if it doesn't provide for revenue growth, and I think that's a big driver. "

" The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy - not unlike a company gritting its teeth through a lifesaving bankruptcy. "

" I think Obamacare, for all its controversy, is actually working. "

" The idea that America, whose oil production has been declining for the past 40 years, is now on track to become the world's biggest producer by 2015 is still hard to grasp. "

" The United States is much further along because its financial crisis struck three years before Europe's, in 2008, causing headwinds that have pressured it ever since. "

" China is beginning to act more like a world citizen. We need China to be more active on the world stage. For example, we should want China to be a bigger participant and a bigger shareholder in the IMF. We should want it to be an even more active participant in the G8 and G20. "

" Safer cities generally mean stronger urban economies. "

" Within a few months in 2008, household finances were crushed as asset values fell, millions of jobs were lost, countless credit cards were canceled, and thousands of homes were foreclosed on. "

" Many Russia experts note the deep and sad capacity of the Russian people for suffering. "

" Too many companies are just being big for the sheer sake of it. Too many CEOs thinking bigger is better. "

" The financial and economic crash of 2008, the worst in over 75 years, is a major geopolitical setback for the United States and Europe. "

" The more Mr. Putin extends the fighting in eastern Ukraine, the more the financial markets will ratchet up their own pressure on Russia. "

" I don't think there's a more battle-hardened veteran anywhere than Larry Summers. "

" The long-standing wisdom that everyone wins in a single world market has been undermined. Global trade, capital flows, and immigration are declining. "

" We live in an era where the global capital markets are the super power in the world, and when they move against you as they've moved against Russia, as we've all seen in the ruble, there's nothing that can stop that. "