Unraveling The Euro Is A Terrible Thing.

It's Hard In All Countries. Democracy Is Hard, But It's Better Than The Alternatives.

Dodd-frank Is 2,000 Pages Long. It Covers Thousands Of Rules, Regulations, Interpretations And Things Like That.

India Is A Huge Democracy. Prime Minister [narendra] Modi Has Ambitions To Try To Fix The Infrastructure, The Rules, Taxes, Education, And To Lift Up The Indian People. And We're Hopeful That That's Going To Create Positive Momentum.

You've Seen Certain Credit Type Products That Are Going To Be In Nonbanks, Like Sophisticated Clo [collateralized Loan Obligation] Tranches And Stuff Where The Capital Charge Is So High That A Bank Simply Will Not Own It. Someone Will Buy It, Hedge It, Trade It. But It Won't Typically Be A Bank.

No One Can Forecast The Economy With Certainty.