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

The Trump administration's economic agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.

There is a lot of focus on that first rate move, and I'm not sure how important that is.

JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.

If you look at Detroit, that mayor, it's been a train wreck for 40 years, the population has gone from 2 million to 700,000. This Mayor comes in, and he talked about streetlights, sanitation, jobs, policing, schools, affordable housing. He's doing it all, and it's growing for the first time in 30 years. Literally, one man. But that one man couldn't do it without business. And business couldn't have done it without a political environment where they wanted to improve things. If you had an antibusiness environment there, it would still be down there.

Japan, Europe, [and] America probably [are] better than last year [2015], not China.

I think immigration has been one of the vital things about the growth of America. I'm the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration.