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The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands.
--
2000 Chairman's Letter

 

Warren Buffett

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The Milgram experiments asked participants to play the role of a “teacher,” who was responsible for administering electric shocks to a “learner” when the learner failed to answer test questions correctly. The participants were not aware that the learner was working with the experimenters and did not actually receive any shocks. As the learners failed more and more, the teachers were instructed to increase the voltage intensity of the shocks — even when the learners started screaming, pleading to have the shocks stop, and eventually stopped responding altogether. Pressed by the experimenters — serious looking men in lab coats, who said they’d assume responsibility for the consequences — most participants did not stop administering shocks until they reached 300 volts or above — already in the lethal range. The majority of teachers delivered the maximum shock of 450 volts.
We all like to think that the line between good and evil is impermeable — that people who do terrible things, such as commit murder, treason, or kidnapping, are on the evil side of this line, and the rest of us could never cross it. But the Stanford Prison Experiment and the Milgram studies revealed the permeability of that line. Some people are on the good side only because situations have never coerced or seduced them to cross over.

 

Stanley Milgram

 

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

 

The one who commits aggression and tyranny, and the one who helps him upon it, and the one who is pleased over it - all are party and participants in it.

 

Muhammad al-Taqi

 

Here's a story: There was a documentary filmmaker who was making a documentary film about education in America. And he's shooting across this classroom with lots of people, kids, who are completely distracted at the television in the back of the classroom. When they get back to the editing room, they realize that on the television, you can barely make out the show for two seconds; it's "The Simpsons," Homer Simpson on the screen. So they call up Matt Groening, who was a friend of the documentary filmmaker, and say, you know, Is this going to be a problem? It's only a couple seconds. Matt says, No, no, no, it's not going to be a problem, call so and so. So they called so and so, and so and so said call so and so.
Eventually, the so and so turns out to be the lawyers, so when they got to the lawyers, they said, Is this going to be a problem? It's a documentary film. It's about education. It's a couple seconds. The so and so said 25,000 bucks. 25,000 bucks?! It's a couple seconds! What do you mean 25,000 bucks? The so and so said, I don't give a goddamn what it is for. $25,000 bucks or change your movie. Now you look at this and you say this is insane. It's insane. And if it is only Hollywood that has to deal with this, OK, that's fine. Let them be insane. The problem is their insane rules are now being applied to the whole world. This insanity of control is expanding as everything you do touches copyrights.

 

Lawrence Lessig

 

The shouting, the overrunning of the Capitol, the sneaking in of Tea Party participants into the basement of the Capitol, the name-calling, the spitting, all of that…. The Tea Party emerges as not only outrageous, but they have turned up the volume in ways that even Code Pink have not been able to do.

 

Maxine Waters