If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.

The question is how do you do it [more consumer protection] so that it actually works that way? And that takes analysis, and sometimes collaboration between government and business, to understand how that works.

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

Men, age 25 to 55, the labor-force participation rate is down 10%. That's unbelievable. There are 35,000 dying of opioids every year. Seventy percent of kids age 17 to 24 can't get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

You would expect to see that first in high-yield [debt], but it was in the most liquid thing in the world. So that, I think - it's a little bit of a warning that we've got to be prepared and just be careful.

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