Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.

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.

We have built a very good company, and we're proud of it. We also recognize that much of it has been built on the shoulders of the thousands of employees and leaders who have worked here before us.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.

If the economy grows, housing gets better, quicker.

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.