I don't think that [normalization] necessarily is going to damage the emerging economies.

We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.

Look, every institution will make mistakes. I acknowledge we make mistakes, and they can hurt my reputation and our company's. But you also must be willing to let go a little bit, trust others, and not always be so stringent, provided you have robust controls.

I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.

It's good for America when the rest of the world grows, because you can sell more to the rest of the world.

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

You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.