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

We're diversified, we're stable and consistent. Our businesses benefit from each other.

The country [India] is doing far better.

The "third arrow" (of structural reform) is critically important. Japan has some of the best companies in the world, and if you look at their technology, their capability, it's extraordinary.

It's offensive to me to be called a cost cutter.

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.

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.