I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

A bank is a relationship. I can't desert you and expect to have a strong relationship afterward. If I told someone, "I know you've been buying milk from me and you need milk to survive. But the price is no longer $2 a gallon. It's going to be $40 a gallon. I'm going to bankrupt you." What do you guys think of me? You would hate us.

Most CEOs are patriotic and most CEOs can see the problems in front of them, and they want to do something about it. We don't always agree about the ways and means, but the objective? We're totally together.

You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.

You never know exactly how new policies are going to work. That doesn't mean you shouldn't try them.

We don't think there are cases where people were evicted out of homes when they shouldn't have been.

At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.