It's hard in all countries. Democracy is hard, but it's better than the alternatives.

Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.

I think one could argue that there's more political input into the regulatory side, and on the regulatory side there seem to be fewer people with financial and banking experience - there are more lawyers, academics, economists, maybe politicians now.

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 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.

It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

No one can forecast the economy with certainty.