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If you want to understand financial markets, and their effects on the economy, you have to understand the trading game. Many short-term price movements are neither random nor caused by economic fundamentals. They're caused by investors buying and selling.
--
Chapter 1, The Art of Uncalculated Risk, p. 12

 

Aaron C. Brown

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We must say openly that the present economic system of the EU is a system of a suppressed market, a system of a permanently strengthening centrally controlled economy. Although history has more than clearly proven that this is a dead end, we find ourselves walking the same path once again. This results in a constant rise in both the extent of government masterminding and constraining of spontaneity of the market processes. In recent months, this trend has been further reinforced by incorrect interpretation of the causes of the present economic and financial crisis, as if it was caused by free market, while in reality it is just the contrary – caused by political manipulation of the market. It is again necessary to point out to the historical experience of our part of Europe and to the lessons we learned from it.

 

Vaclav Klaus

 

There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.

 

Ben Bernanke

 

You know that there’s been tremendous turmoil in our financial markets and Wall Street. And it is – it’s – people are frightened by these events. Our economy, I think, still, the fundamentals are – of our economy are strong, but these are very, very difficult times. And I promise you, we will never put America in this position again. We will clean up Wall Street. We will reform government.

 

John McCain

 

When you talk about the regulators [going after market manipulation], why not the financial news networks? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One that has been sold to us as long-term: Put your money in 401Ks, put your money in pensions and just leave it there, don't worry about it, it's all doing fine. And then there's this other market, this real market that's occurring in a back room where giant piles of money are going in and out, and people are trading them, and it's transactional, and it's fast but it's dangerous, it's ethically dubious and it's hurting that long-term market. And so what it feels like—and I'm speaking purely as a layman—it feels like we are capitalizing your adventure by our pension, and our hard-earned—and that it is a game that you know, that you know is going on, but that you go on television as a financial network and pretend isn't happening.

 

Jon Stewart

 

Here’s why I would recommend against [selling the U.S. stock markets short]....Retail brokers normally require investors to hold any short-sale proceeds in U.S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value....I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest.

 

Peter Schiff