I Want Japan To Think And Say

I Completely Agree With The Concept That American Citizens Shouldn't Expect That A Failure Of A Bank Would Cost Them Money, Or That It Would Hurt The Economy.

If You Talk To Anyone Involved In Business - Forget Banks And Big Business - Talk To Small Businesses - Do It Yourself, Don't Ask Me - They'll Tell You It's Crippling. Small-business Formation Is The Lowest It Has Ever Been In A Recovery, And It's Really For Two Reasons. One Is Regulations And The Second Is Access To Capital For People Starting New Businesses.

If You Look At Detroit, That Mayor, It's Been A Train Wreck For 40 Years, The Population Has Gone From 2 Million To 700,000. This Mayor Comes In, And He Talked About Streetlights, Sanitation, Jobs, Policing, Schools, Affordable Housing. He's Doing It All, And It's Growing For The First Time In 30 Years. Literally, One Man. But That One Man Couldn't Do It Without Business. And Business Couldn't Have Done It Without A Political Environment Where They Wanted To Improve Things. If You Had An Antibusiness Environment There, It Would Still Be Down There.

My Guess Is The Big Chinese Banks Will Be In 100 countries By Then. They Will Have Very Sophisticated Operations, And They May Very Well Have Bought Banks Around The World In Countries That Allow It. I Mean, I Don't Think The American Government Would Allow Them To Buy Jpmorgan. But They Will Be Able To Buy A Sizable Big Bank In The U.s. At Some Point. Whether They Do Or Not, Or If It's Allowed Or Not, I Don't Know.

I Hate The Word Universal, Because I Don't Know Exactly What It Means. The Question Is, Does It Work For The Client? Travelers Was A Diversified, Financial Conglomerate That Did Very Well. The Businesses Had Nothing To Do With Each Other.