Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.

The goal of what Japan's central bank is doing is to create growth. If it actually creates growth, in the long run, it will lead to appreciation.

We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.

I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.

They [Chinese] have very smart, experienced people. I don't want to paint them all with the same brush. There was a little bit of a feeling that the stock market, which went from something like $4 trillion in valuation to $10 trillion, that the Chinese wanted that.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

I am still a Democrat. The main reason is because I don't like the Republican stance on some social values. Not that I disagree with all of them. I just don't think they have a right to impose it upon other people. I've been public about that.