When you combine ignorance and leverage, you get some pretty interesting results.
Unrestrained competition can drive people into actions that they would otherwise regret.
We have seen that in this country in the last few years, particularly on Wall Street, with the rise of the old human frailty of greed. This occurs when people begin to serve only their own needs to the detriment of everyone else.
Wall Street has been beset with problems. The cycle of greed and personal aggrandizement and lifestyle grandstanding is an affront to any American.
As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.
We talk about institutions that are too big to fail - I think the story is as much about people who think they are too big to fail.
Hubris is interesting, because you get people who are often very clever, very powerful, have achieved great things, and then something goes wrong - they just don't know when to stop.
I did all the stupid things you'd expect from a 21-year-old kid with money.
Why are we in this mess, now facing the prospect of economic armageddon? It's because the prevailing characteristic has been greed, and it doesn't matter whether it's individuals living beyond their means or governments living beyond their means or people seeking to get rich quick.
Some young stars go a little too far too soon.
I don't even know what that means. People who get credit have to get it from somewhere. Does a credit bubble mean that people save too much during that period? I don't know what a credit bubble means. I don't even know what a bubble means. These words have become popular. I don't think they have any meaning.
I was very immature when I was young, and for me there was no balance. Everything was just all or nothing.
