The yen is trading where it's trading because people are guessing about people's future interest rates, dollar and yen and about the future growth potential of the economies. And, if this policy works, then the yen will probably strengthen.

Good regulation should be conducive to business and to customer protection.

Dodd-Frank is 2,000 pages long. It covers thousands of rules, regulations, interpretations and things like that.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.

Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

Well, if you were the American public, you saw a catastrophe. In general, you would say, "The biggest institutions of America - Washington, broadly, and Wall Street, broadly - they're to blame." And, broadly, they're right.