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

It might be harder for us to charge a higher interest rate, like they do, so it might not be as profitable for us. But we can either compete or partner, like we've announced with On Deck, which does some of the stuff we just spoke about.

The "third arrow" (of structural reform) is critically important. Japan has some of the best companies in the world, and if you look at their technology, their capability, it's extraordinary.

I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.

As countries get wealthier - all of them, together - you're going to have financial assets. That is a good thing. You could argue the assets were traded too much, or that they're too highly valued, or too leveraged.

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.