Abenomics, quantitative easing, fiscal policy - we know all the issues.

You know, the benefit in life is to say, 'Maybe you made a mistake, let’s dig deep.'

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.

The question is how do you do it [more consumer protection] so that it actually works that way? And that takes analysis, and sometimes collaboration between government and business, to understand how that works.

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.

Any good job is a good job. This whole concept of a dead-end job? It's not true. I've heard it my whole life. Jobs lead to dignity. If you're good at the first, then you can get the second. Jobs lead to household formation. Jobs are a better solution for society.

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.