It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.

China saves too much, produces too much, sells too much to Americans and consumes too little.

The first priority is to make sure we have capital to continue to have capital available to put into the financial system. That's the first priority.

The U.S. didn't save enough; we borrowed a lot. There were structural imbalances in Asia with exporters, with oil exporters for a whole variety of things.

A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.

For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

There's a lot of things we could do better.