My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

I have gotten disturbed at some of the Democrats' anti-business behavior, the sentiment, the attacks on work ethic and successful people. I think it's very counter-productive.

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.

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.

We invested in the downturn and we never stopped serving our clients.

If it is a small rate raises, [there will be] no impact.

A democracy is a compromise by its nature. It's not a dictatorship.