I'm Not A Pessimist By

All The Risky Things That Were Happening Back In ’06 And ‘07 Are Back Again To The Same Level, If Not More. So We Are In The Beginning Of A Credit Bubble, But Just The Beginning.

I Am Quite International. My Background, Born In Turkey. My Family Is A Jewish Family From Iran, So I Went From Turkey To Iran To Israel, And Then Grew Up In Italy And Ended Up In U.s. For Graduate School. So I Tend To Look At Things From An International Perspective, And I Think That Gives You A Little Bit Of A Broader View Of What's Going On.

What We Need To Understand Is, One, That There Are Market Failures; And Two, That There Are Things Like Asset Bubbles And Irrational Exuberance. There Are Periods Of Booms, Bubbles, And Manias. These Things, If Left To Themselves, Can Lead To Crashes, To Busts, To Panics.

I'm Not A Pessimist By Nature. I'm Not Someone Who Sees Things In A Bleak Way.

Having Spent 10 Years Studying Emerging Markets, I Know That You Have Patterns Repeated Over And Over Again. A Bubble Is Like A Fire Which Needs Oxygen To Continue... When You See There Is No Oxygen, Things Change.