Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

Any good job is a good job. This whole concept of a dead-end job? It's not true. I've heard it my whole life. Jobs lead to dignity. If you're good at the first, then you can get the second. Jobs lead to household formation. Jobs are a better solution for society.

I've always been a ... believer in good regulation.

It can take a long time to get the rules in place that are conducive to growing, sometimes.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.