There is a very flat yield curve globally for different reasons, even in some emerging markets. I really don't see where the easy money is. No matter how sophisticated you are, you can't get away from the basics of banking: Borrow short, lend long.

There is a real problem with global exchange rates, and I also think the U.S. is living beyond its means.

It has already gone on for an awfully long time. But that doesn't mean that it can't go on some more. You can continue to run up your debt as long as the world is willing to finance your debt.

There are no bond market vigilantes out there right now.

China's current growth has been based on the rapid expansion of sectors of its economy that are already well developed: investment and exports have grown far faster than the overall economy. Yet the longer this pattern of expansion continues, the bigger the future risks.

It sometimes seems like every major Republican financial executive in New York has already been offered his job.