I never invest in anything that I don't understand.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

I would say the biggest single cause was we had an incredible residential real estate bubble.

I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

Buy companies with strong histories of profitability and with a dominant business franchise.

We have to live with the rest of the world. And it's a mistake, in my view. Trade has generally developed in this country. We actually export 12 or 13 percent of our GDP. It was only 5 percent in 1970. But it benefits us. It benefits the rest of the world. It doesn't benefit the steelworker maybe in Ohio. And that's the problem that has to be addressed, because when you have something that's good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.