The government has the right to change laws and rules and regulations.

They have a policy in China for their big companies called "Go abroad." It's a rational thing for both the company and the country to say, "We want big, successful companies." Particularly in areas where they need it: agriculture, energy, technology. I think banking, too. One or two have bought a trading house. Some have already begun expanding around the world. Of course they're going to have those ambitions. Why wouldn't they? They're just doing it methodically. It's a logical strategy and, well-executed, they will succeed.

Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.

I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.

When you walk into a store and you want to buy something, you give them cash and they sell it to you. But very often, you walk into our "store" and you want something - a credit card, maybe, or a loan - and very often the answer is "No," even if you're a large corporation.

[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.