You know, when the cost of capital goes down, when credit becomes cheap, people start taking greater and greater risks.

Iran is a country of 80 million people, educated and dynamic. It sits astride a crucial part of the world. It cannot be sanctioned and pressed down forever. It is the last great civilization to sit outside the global order.

I think people really have a much better understanding of the cost of capital and clearly with debt as cheap as it is, it doesn't make a lot of sense to have a balance sheet with excess cash,

Things happening around the world are affecting you and me.

In a very weak economy, when you say 'cut government spending,' what you mean is you're laying off school teachers and you're de-funding various programs that put money into the economy. This means you have more unemployed people that then draw unemployment benefits and don't pay taxes.

When you're failing, there's a very powerful incentive to put ideology aside and just do what seems to work.