I've Always Been A ... Believer In

We See Very Broad-based, Moderate, Growth. Most Of The Sectors Are Quite Strong. I Don't See Any Major Potholes, And I Believe [the Economy] Is Strengthening.

The Real Story In Housing Will Be A Recovery In The Economy That Will Drive A Recovery In Housing, When People Are Working, When There Are More Jobs, More Households Forming And People Go Back To Buying Cars, They're Going To Want Their Apartments And Homes. And That's When You'll Start To See A Recovery In Home Prices.

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.

It's Moderate Growth, With Some Parts Of The World Better Than People Think, And Better Than Last Year [2015].

Dodd-frank And Independent Actions Of Banks Go A Long Way In Terms Of Progress On Capital, Liquidity, Transparency, "living Wills" (plans For Winding Down A Bank In The Event Of A Collapse) And Resolutions.