I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

Companies that build scale for the benefit of their customers and shareholders more often succeed over time.

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

Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.

We were a land of opportunity. You can never have equal outcomes, but you can have equal opportunity.

I think the free-enterprise system has been great for society. That doesn't mean it's completely perfect. And also, when people say capitalism, I'm not really sure what they mean.