There are mounting concerns about Greece’s accumulating debt. There is unrest there.

Greece is bankrupt. The sooner that we realize that and allow them to go bankrupt, the better off we will all be. Some people will need to take a lot of losses, but that will allow us to start off from a strong base so that a lot more people can make a lot of money.

America is a huge debtor nation. We have got to do something. Pretending that there isn’t a problem isn’t going to fix it.

People are dumping stocks right now. If there is a lot of panic, then you might want to step in and buy because there is usually a bounce. But the next slowdown is coming whether we want it to or not.

We are going to have continued unpleasantness in the United States. Whether you call it a Depression is irrelevant until we get this debt problem worked out.

It is impossible to find an instance in the last 8 years when Bernanke has been right. We’ve got to stop this.