I Am Struck That So Many Of

We've Accommodated The New Rules And Regulations. We've Served Our Clients And Had Quite Good Returns.

That's Probably Good, All Things Being Equal, For Emerging Markets, Not Bad, Even Though It May Not Be Great For All Their Currencies.

People Thought They Were Going To Make A Lot Of Money. And Then At One Point, It Got Too Hot, And The Government Wanted To Knock It Down. Trying To Get It Up And Then Knock It Down, Both Were A Mistake. And Part Of The Reason, Some People Think, Is That They Wanted To Equitize Some Of Their Companies. A Healthy Stock Market Helps Equitize Companies And Reduce The Country's Debt Burden.

More People Are Working, Lending Is Up And Savings Are Up. These Are All Positive Signs For A Strengthening Economy.

I Haven't Studied It Deeply, But The American Banks Started The Crisis With Far More Capital And What I Would Call "good Liquidity." The Riskiest Funding Is Unsecured Wholesale Funding. It's The Most Fickle. Not Repo, Which The Government Focused On, Too. Unsecured. Jpmorgan Chase Had Almost None Of That - Virtually Zero.