They have a policy in China for their big companies called "Go abroad." It's a rational thing for both the company and the country to say, "We want big, successful companies." Particularly in areas where they need it: agriculture, energy, technology. I think banking, too. One or two have bought a trading house. Some have already begun expanding around the world. Of course they're going to have those ambitions. Why wouldn't they? They're just doing it methodically. It's a logical strategy and, well-executed, they will succeed.

The Trump administration's economic agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.

No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

Men, age 25 to 55, the labor-force participation rate is down 10%. That's unbelievable. There are 35,000 dying of opioids every year. Seventy percent of kids age 17 to 24 can't get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one.

When the government gets involved in pricing, I don't think it's the right way to look at a business.