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.

Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

It's offensive to me to be called a cost cutter.

Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.

It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

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

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