It'll end up being a pretty significant hit. It's easy to forget that these natural disasters destroy wealth. ... You can't make that up.

What the NYSE wants to do makes sense. They've got to forget about our time zone. World markets are pretty much 24-hour markets.

If the water gets into the electronics, you can pretty much forget it.

the long-run budget impact, despite all the screaming and hand-wringing about this...is really very small, very modest.

When you're an economist trained in conceptual stuff, you tend to be less intuitive. You fall back on this conceptual framework that the profession has invested a lot of time in.

There is a way they come to a conclusion, and it is your job to not constantly be picking fights with it,