It Can Take A Long Time To

I Hope The Story Of 2011 Is That America Gets Its Mojo Back. You've Got To Remember That America Has The Best Universities; It's Got Some Of The Best Businesses. It's Got An Unbelievable Work Ethic, Rule Of Law. The Story Of 2011 Will Be America Blossoming Again.

If The Government Wants To Do Social Policy, It Should Not Be Done In A Quasi-public Company. If You Have A Mortgage Guarantee Company Which Is Done By The U.s. Government, It Should Be Guaranteed By The Originators, I.e., The Shareholder.

Banks Also Have To Say No To Customers. We Can't Always Give Clients What They Want; It May Not Be In The Client's Best Interest.

Europe Is The Most Complicated Place, In My Opinion.

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.