I Also Believe That Most Of The

The Goal Of What Japan's Central Bank Is Doing Is To Create Growth. If It Actually Creates Growth, In The Long Run, It Will Lead To Appreciation.

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.

We Got A Lot Of Excellent People And Businesses From Bear And Wamu. But Bear Definitely Was More Painful. Wamu Got Us Into Florida, California, And Other States, Which Was A Huge Benefit - To Expand And Grow And Add Middle-market, Private Banking, Investment Banking, And Other Products, Too.

Banks Don't Want Certain Asset Classes, And That's Created Opportunities For Private Equity, Hedge Funds, Silicon Valley. In This Case I Think He Was Referring To Some Of The European Banks Shedding Assets, And The Big Buyers Are Probably Not Going To Be Big American Banks. Someone Like Blackstone May Have A Very Good Chance To Buy Those Assets, Leverage Them, Borrow Up A Little Bit, And Do Something Good There.

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.