What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many.

There's almost 70 billion in square feet under construction in high rises in commercial, residential and light manufacturing. And we estimate about 30 billion square feet, and that's with a 'B,' is commercial, that we would just consider office space. To put that in perspective, that's a 5x5-foot cubicle for every man, woman and child in China.

The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.

Trust me, I'm going to find out where the money has gone and how it has been spent, and see if we can't get it down there quicker to let that rebuilding start.

By promising to intervene in vulnerable markets in the event of excessive financial volatility, the IMF, as the largest player, would reduce coordination problems among investors.

There is no filmmaking legislation because distributors are not interested in sharing their money with the film industry - for instance, by giving a percentage of ticket sales back to filmmakers.

Art is a critical component in a well-rounded education. Art is the level playing field - no matter how rich or poor, tall or short, pretty or ugly to the bone, if you can draw, you can find personal fulfillment and build self-confidence. Art is the highest achievement of mankind.