"If there is no cost to be paid for the indiscriminate dumping of pollution into the earth's atmosphere, then it should be a surprise to no one that today we will dump another 70 million tons of global warming pollution into the thin shell of atmosphere surrounding our planet. ... We have to [act] this year, not next year. Mother Nature does not do bailouts."

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The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.

— Seth Klarman