The media and marketing deluge has spawned a new type of Wall Street loser: the armchair momentum player. These are novice investors who engage in short-term stock buying and selling based on media reports or an expert's enthusiasm.

If you think Wall Street has a short memory, you're dead wrong. No, the folks who work on Wall Street, regulate Wall Street - and, above all, invest in its wares, notably its hedge funds - don't have a bad memory. They don't have any memory at all.

Wall Street is always too biased toward short-term profitability and biased against long-term growth.

I'm not averse to helping Wall Street when it helps Main Street.

Wall Street is in trouble because Main Street is broke.

A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street.