When The Brothel Burns Down, Even The

Having A Large Amount Of Leverage Is Like Driving A Car With A Dagger On The Steering Wheel Pointed At Your Heart. If You Do That, You Will Be A Better Driver. There Will Be Fewer Accidents But When They Happen, They Will Be Fatal.

Somebody's Buying These Treasury Bills At 1/20th Of One Percent. Consuming About $2 Billion A Day Of Goods And Services Beyond What We're Producing. In Other Words, The Rest Of The World Sends About $2 Billion A Day Net Of Something.we Got To Send Them Something In Return, Don't We. So We Send Them Little Pieces Of Paper.

It Takes 150 Years To Build An Investment Bank And Only Five Minutes To Convince You To Sell Me Preferred Stock In It At A 10% Interest Rate.

In My View, [the Trade Deficit] Will Create Political Turmoil At Some Point...pretty Soon, I Think There Will Be A Big Adjustment.

In The Financial Markets I Find It Easy To Predict What Will Happen And Very Difficult To Predict When It Will Happen. I Think That Things Were Clear During The Bubble As To What Would Happen Eventually.