“I used to tell lies. But I’ve given it up, because the field has become overrun with amateurs,” said the great American 19th century humorist, Mark Twain.

“We’re getting three business cycles a week with this kind of volatility,” said Kevin Ferry of Cronus Futures.

“It’s ironic that just as we break out of a three year trading range, the market is about to be hit by a sledge hammer,” said Dave Rovelli at Canaccord Genuity.

“There seems to be an impression that we can solve our problems without pain. There is no conceivable way that can happen,” said former Federal Reserve chairman, Alan Greenspan.

“People think that Treasury bonds are riskless, but a 100 basis point rise in interest rates leads to an 18% capital loss,” said Andrew Neale, a portfolio manager at Fogel Neale Partners.

“It’s a bit like looking for gold in a minefield,” said Fidelity International’s China Special Situation Fund manager, Anthony Bolton, amid widespread accounting fraud in the country.

“The rule of thumb is to do your homework, do your analysis, and don’t give up prudent risk management for the sake of certain fads. Look for real valuations, and stay true to your time frames,” said Marc Chandler, the global head of currency strategy at Brown Brothers Harriman.

“The consumer in the United States has basically disappeared. There are no jobs, no wage increases, and therefore no spending,” said Bill Gross of bond giant, PIMCO.

“We didn’t get here by accident. America is the product of the greatest public/private partnership in the history of the world,” said Tom Friedman, international affairs columnist at the New York Times.  

“Computers crash, and you have to reboot them. That will happen to the global economy,” said Mark Faber, publisher of the Gloom, Boom, and Doom Report.

“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate,” said Andrew W. Mellon, President Herbert Hoover’s Secretary of the Treasury. The Republicans did not win a presidential election for 20 years after that comment.

“ The modern Olympic Games are orgies of lachrymose nationalism. War by other means, warrior-athletes, watched by men in suits and uniforms….rogue California chemists running their eye popping, vein-clustered, vest stripping robots against degendered state laboratory freaks,” said author, Ian Sinclair, and outspoken critic of the Olympics.

“The biggest mistake you can make in a bear market is to cover your shorts too soon” he said.

“I used to tell lies. But I’ve given it up, because the field has become overrun with amateurs,” said the great American 19th century humorist, Mark Twain.

“We’re all just one trade away from humility, Bud,” said a stockbroker in the classic film, Wall Street.