I think if we had another set of policies for - not the crisis years, but after that, that we might be growing faster. But we didn't. And some of that was Republicans' [fault], by the way.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

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.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

We've made a huge effort globally and in the US, in getting kids jobs. This is one piece. The South Bronx and inner-city schools need it more than most. It's our hometown; JPMorgan Chase banks a lot of people here. If you see the school, it works. Kids all getting jobs, they're smiling, they're proud of themselves. That's what we need to do in inner-city schools.

They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.