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.

I've been regulated my whole life. We have progressive taxes. It's not a free-market free-for-all. I completely understand that society has a perfectly legitimate right to put in structures and regulations and rules that make it fairer, better, cleaner.

You don't run a business hoping you don't have a recession.

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.

The country [India] is doing far better.

If you look at Detroit, that mayor, it's been a train wreck for 40 years, the population has gone from 2 million to 700,000. This Mayor comes in, and he talked about streetlights, sanitation, jobs, policing, schools, affordable housing. He's doing it all, and it's growing for the first time in 30 years. Literally, one man. But that one man couldn't do it without business. And business couldn't have done it without a political environment where they wanted to improve things. If you had an antibusiness environment there, it would still be down there.

I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.