could be exposed to significant losses.

Derivative instruments were bystanders, ... They may well have intensified the losses in underlying markets, but they were scarcely the major players.

A significant amount of consumption is driven by capital gains on some combination of both stocks and residences,

How significant and disruptive such adjustments turn out to be is an open question, ... shocks should be largely absorbed by changes in prices, interest rates and exchange rates, rather than by wrenching declines in output and employment.

We can't afford to not win anymore. It was really significant, those back-to-back losses (in Montreal). That's an understatement. But as far as we are concerned, it is not over and we are going to do our best to make sure we are going to play well in each game, and you never know what happens.

Forecasting our futures is built into our psyches because we will soon have to manage that future. We have no choice. No matter how often we fail, we can never stop trying.