The Fed's going to have to ease because all of these pristine traders who have all these wonderful trades on. When you take it all the way you just realize in the end it's collateralized by somebody's house, which isn't worth what they said it was worth when they borrowed the money for the house. It all ties back to that.
You can't just say "we told you so" and turn your back. The Fed is the fireman of our economy, and there's a fire and they're gonna put it out. That's their job. Their job is not to sit around and scold people for making bad loans [and] for other people for buying those bad loans. The Fed's job is to put out the fire.
~ Peter Yastrow, market strategist, MF Global Ltd., August 9, 2007, as appeared on CNBC