If the prospect of a bad result gets the heart racing - a plane crash, a terrible disease, a loss of 30 percent of your portfolio - most people will take strong steps to avoid it. They will pay too little attention to a comforting thought, which is that worst-case scenarios usually don't come to fruition.

Top 1 Percent progressivism emphasizes the idea of fairness - but it's nevertheless a politics of outrage, animated by at least a trace of envy. It's as if 'millionaires and billionaires' were the principal problem facing America today.

Like a bank run, a decline in stock prices creates its own momentum.

Cass Sunstein Quotes