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.

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

The government has the right to change laws and rules and regulations.

You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, It could have been much better.

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

You don't run a business hoping you don't have a recession.

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