There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.

Dodd-Frank is 2,000 pages long. It covers thousands of rules, regulations, interpretations and things like that.

I want Japan to think and say that we are better off for JPMorgan having been here through thick and thin.

Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"

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 bank is a relationship. I can't desert you and expect to have a strong relationship afterward. If I told someone, "I know you've been buying milk from me and you need milk to survive. But the price is no longer $2 a gallon. It's going to be $40 a gallon. I'm going to bankrupt you." What do you guys think of me? You would hate us.