We cannot begin to quantify the potential damage in terms of gross domestic product, but a realistic scenario might be GDP declines in the tens of percent. In the case of slower growing economies such as Europe or Japan, a decade's economic growth could be wiped out.

The initial impression ... was of a chairman who did not want to shock the markets. The general tenor of the prepared remarks was that he would not take any chances with inflation, while retaining the risk management approach of his predecessor.

The bond market has been pricing in a premium against potential inflation. They've been looking at the numbers for some time and assuming that U.S. growth has consistently been strong enough to trigger inflation, and that is not a good thing for bonds.

We have a target on our backs now. The way we looked at (defending national champion) LSU last year — we went out to prove to them we were good enough to beat them — now, game one against Georgia Tech, they're going to look at us with a target on our backs. Coaches will have their teams hyped to beat us. We have to work harder than they do to be prepared.

Everybody in America knows our defense is built on speed. At some point, fast is not always good. They attacked us perfectly, getting us to over-pursue.

He's been doing it since the '80s.