[...] One is convinced that the market will rise; the other that it will fall [...] The first person is so convinced that the markets will rise that he bets $1 million that it will be higher a year from now. Sure that he will be much richer in a year's time, he starts to spend now. The second person [...] also starts to spend now. The bookmaker covers his bets.

[...] Financial markets thrive on differences of opinion--they make the horse race. They also create 'mistakes' in perceptions of wealth or spending power. [...]