"All we're getting from the Democratic majority in Congress and from this White House is more bailouts, more spending, more planned stimulus, more deficits and debt, and the American people have had it."

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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