Between the Community Redevelopment Act, requiring banks to make what I would call very weak loans, and specific quotas that the Congress imposed on Fannie Mae and Freddie Mac, that created the market demand that really led to the subprime phenomenon.

If you want to do something to destroy consumer spending, just eat away at the middle class because the other problem we have is the structural problem of middle class America.

We're in the business not so much of being contrarians deliberately, but rather we like to take perceived risk instead of actual risk. And what I mean by that is that you get paid for taking a risk that people think is risky, you particularly don't get paid for taking actual risk.

I'm pro-trade, but I'm pro-sensible trade, not pro-trade that is to the disadvantage of the American worker.

What is worrisome about that is the U.S. standard of living. I think it is very difficult to envision our standard of living being preserved if we are in an economy where all people do is flip hamburgers, wait on people in stores, and sue each other. It’s not much of a basis for an economy.

You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning.

Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things.