I am struck that so many of our leaders in the U.S. forget how strong our country can be.

A democracy is a compromise by its nature. It's not a dictatorship.

Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.

I always tell people, "There's a book on everyone." I get some of that book before I do anything. If I want to deeply understand someone's reputation, I'll talk to their friends, their former bosses, their peers, and I'll learn a lot about them. I want them to be trusted. I want them to be respected. I want them to give a s - -. Then there are the intangibles: physical and emotional stamina, the ability to confront issues. I can ask all I want about those things, but I also have to see a lot of it.

Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital.

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.