A few of choice quotes from the rest of the day at NYU-Poly:

• "The difference between economists and meteorologists is that meteorologists can at least agree on what happended yesterday"
• "A bubble can only be identified from a trend when the bubble bursts"
• "Capital flows from strange places to strange destinations in today's financial markets"
• "In a Basel III world, the stock price of Morgan Stanley would rise if its investment banking division were sold off"
• "Basel III is a good attempt at managing systemic risk"
• "Hedge Funds are the risk takers of the future"
• "Hedge Funds have the partnership mentality that the commercial banks have lost and should regain"
• "CCPs should not compete on risk management"
• "Economists are trained to predict everything except the future"
• "Dodd Frank was a missed opportunity to consolidate the many regulators in the United States"
• "Washing D.C. is all about turf and theatre"
• "Insolvency and liquidity risk are not clearly separable"
• "Beware the Golden Rule. He who makes the Gold makes the Rule"
• "Systemic risk is not the sum of individual institutional risk"
• "As Chuck Prince said "As long as the music is playing, you’ve got to get up and dance""
• "Systemic risk management only works when we all stop dancing"
• "Regulation should remove the punchbowl just when the party is getting started"