There is a lot of focus on that first rate move, and I'm not sure how important that is.

You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, It could have been much better.

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

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

My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.

I know the President [Barack Obama]. I like him and respect him. That does not mean I agree with all of our government's policies, whether they come from Democrats or Republicans.