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.

Prime Minister Modi [Narendra] is strong enough, and he's accomplished much.

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

You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, It could have been much better.

Companies that build scale for the benefit of their customers and shareholders more often succeed over time.

One of the issues with some of these lenders is going to be, where will their provider of credit be when there's a crisis? That's why some of these smarter services, to support their operations, are courting more permanent capital. They want a source of longer-term funding that can survive a crisis.

My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years.