I want Japan to think and say that we are better off for JPMorgan having been here through thick and thin.

We got a lot of excellent people and businesses from Bear and WaMu. But Bear definitely was more painful. WaMu got us into Florida, California, and other states, which was a huge benefit - to expand and grow and add middle-market, private banking, investment banking, and other products, too.

When people talk about people being left behind - middle wages have not gone up for years, and we should recognize that, and there I think we need growth and skills - but there are these other people who have been left behind. When I say out loud, "Fifty percent of inner-city schoolkids do not graduate from high school," that is a national catastrophe. We should be ringing the alarm bells. It's not fair.

If the economy grows, housing gets better, quicker.

I think the free-enterprise system has been great for society. That doesn't mean it's completely perfect. And also, when people say capitalism, I'm not really sure what they mean.

The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.

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