‘There is one peculiarity about mass psychology in that when you are in a bubble, you can’t see it. Bubbles are invisible when you are inside the bubble,’ said the charming Jim Dines, of The Dines Letter.

‘Total credit market debt in the world has gone from $80 trillion to $200 trillion in the last ten years, an 11% annual rate, while GDP has grown by 4%. This can’t continue. It’s a simple matter of arithmetic,’ said Kyle Bass, of hedge fund Hayman Partners.

“We’ll still operating off of Jackson Hole, 2011 when Ben Bernanke delivered his famous speech preceding quantitative easing,” said foreign exchange trader, Ira Harris.

“You can reduce discretionary spending down to zero and it won’t have much impact on our fiscal problems because it’s such a small proportion of the total,” said Ben Bernanke, chairman of the Federal Reserve.

‘Changes in consumption stemming from per capita income rises from $1,000 a year to $5,000, as you are seeing in India, or $5,000 to $10,000, as you are seeing in China, is a very different kind of consumption. It is much more commodities heavy, it is food heavy, it draws a lot more on water [...]

“Under current law there will be a massive fiscal contraction in 2013,” said Ben Bernanke, chairman of the Federal Reserve.

“The only way out for Europe is to devalue the Euro to help the peripheral countries,” said Scott Minerd, chief investment officer at Guggenheim Partners.

Favorite headline of the day: “Greece Offers to Pay Back Debt With Giant Horse.”  

“People are investing with a rear view mirror. Last year, you had people legitimately scared out of the market. Unfortunately, you are losing a generation of investors at a time when they ‘out to be thinking about buying high quality stocks,” said Hersh Cohen of Clearbridge Advisors.

“The next big story in credit is going to come from Asia and that will be in Japan,” said Tres Knippa of Kenai Capital Management.

“China has been doing everything right for the last ten years. Our government is made up of ‘C’ students that were political science majors, whereas, the Chinese government is made up of PhD’s that were educated at Cambridge and Harvard,’ said one Washington observer.  

“Oh wow, Oh wow, Oh wow!” Were the last words of Apple founder, Steve Jobs.

‘He who lives upon hope will die fasting,’ said Benjamin Franklin.

“Apple will never be a consumer products company,” said John Sculley, the Apple CEO who fired Steve Jobs in 1985. Today Apple is the world’s largest and most profitable consumer products company.

Steve Jobs offered me one third of Apple for $50,000 and I was so smart that I turned it down. It’s funny when you think about it now, except when I’m crying,” said Nolan Bushnell, the founder of game company Atari and Jobs’ first employer.