I think the politics have gotten better in the United States, which makes it easier to pass legislation, budgets and treaties.

If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.

Prime Minister Modi [Narendra] is strong enough, and he's accomplished much.

We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.

My guess is the big Chinese banks will be in 100 countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U.S. at some point. Whether they do or not, or if it's allowed or not, I don't know.

I've been regulated my whole life. We have progressive taxes. It's not a free-market free-for-all. I completely understand that society has a perfectly legitimate right to put in structures and regulations and rules that make it fairer, better, cleaner.

I've asked our people, "Why don't we just put a revolver on top of our basic loan?" Make it easier for the client.