We, Americans, have the best country on the planet. We have schools, universities, food, water, energy, peaceful neighbors, low corruption, you name it, deepest and widest capital markets. That doesn't mean we shouldn't identify problems. We don't have a divine right to success.

Well, if you were the American public, you saw a catastrophe. In general, you would say, "The biggest institutions of America - Washington, broadly, and Wall Street, broadly - they're to blame." And, broadly, they're right.

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.

It's moderate growth, with some parts of the world better than people think, and better than last year [2015].

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

Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier. Banks didn't do that

There is a lot of focus on that first rate move, and I'm not sure how important that is.