No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.

My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years.

Japan, Europe, [and] America probably [are] better than last year [2015], not China.

I think one could argue that there's more political input into the regulatory side, and on the regulatory side there seem to be fewer people with financial and banking experience - there are more lawyers, academics, economists, maybe politicians now.

I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.

If you can't use dividends, it's not a bad thing to give it back to your shareholders. They'll use it somewhere else.