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

We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.

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.

If the economy grows, housing gets better, quicker.

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

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.

The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one.