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.

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.

If it is a small rate raises, [there will be] no impact.

It's good for America when the rest of the world grows, because you can sell more to the rest of the world.

Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get.

It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.