After the tsunami in Japan, we were open for business. In fact, I flew there 10 days after the tsunami to show our support for the Japanese people.

If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.

Businesses can be opaque. They are complex. You don't know how aircraft engines work either.

Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

A lot of these things have hurt the average American. When they look at the banks and they say, "Well, the bank's talking its own game," I am telling you, what we've done in mortgage lending, our inability to have proper regulations around mortgages, has hurt average Americans. First-time buyers, immigrant buyers, prior defaults, self-employed, because they can't get a mortgage. Will it make a big difference to JPMorgan Chase? No, but you're hurting my fellow citizens. Let's go at it, and let's fix it.

Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.