You would expect to see that first in high-yield [debt], but it was in the most liquid thing in the world. So that, I think - it's a little bit of a warning that we've got to be prepared and just be careful.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

When the secretary of treasury, the head of the central bank, the head of the FDIC (Federal Deposit Insurance Corp.), and the head of the New York Fed say, "We want you to do this because we think it's in the best interest of the United States of America," you know, we're like the Japanese. We're a little patriotic that way. We said, "Yes, sir!"

The government isn't going to say, "We're going to regulate banks, but we'll leave these other companies alone." I think the regulators want to make sure that they have some form of regulation on anything systemic. We like our hand. But, you know, honestly, who owns the future?

It takes 10 years to get all the permits to build a bridge today. Ten years? What happened to the good old can-do America? Where is "We get it done, we work together"? We've become this bureaucratic, stifling environment. I'm not talking about violating environmental things - I'm talking about building a bridge, getting things going, getting people to work together.

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

Now the Japanese companies are more focused on that. To have two independent directors - I think it's good to have outside people look at you and think of what you could be doing better. Those are voluntary, but most of the companies told me they're going to do it. And I think it's good for them to say our returns on equity, for example, should be higher. Also, I think some could be more ambitious.