Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market. ↗
I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons. ↗
I'm dubious about having Social Security put into the stock market. I think that we have gotten very far away from the idea that there's something sacrosanct about retirement investments. ↗
When news of the crash came, probably a lot of people in small towns and farms across America felt a sense of grim satisfaction that the sinners had finally been punished for their wicked ways. ↗
And here where the fact that we've given over half a billion dollars to New York really plays a role, because New York has already made a lot of investments in the kinds of things which you'd expect to have as basic security. ↗
And one of the things I want to say, Wolf, is we're 100 days from hurricane season, and we've got to start focusing on what we're going to do to make ourselves ready for the next hurricane. ↗
