Well, If You Were The American Public,

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.

We're Trying To Win Business By Doing A Good Job For The Clients, As Opposed To, "we Think Being Big And Universal Is Just A Great, Wonderful Thing." It's Not A Morality Thing. It's A "does It Work For The Client?" Thing. Everything We Do Is Because A Client Uses Us. Everything We Do Is Because A Client Chose To Use Us Of His Own Free Volition.

They'll [china] Probably Be A Fully Developed Nation. The Road There Just Is Not Going To Be That Easy. You're Going From A Macromanaged, Top-down Economy To A Market-managed, Micromanaged Type Of Economy, With All The Potential Corruption Issues, Soe [state-owned Enterprise] Reform, And Market Reform That Come With It.

Jpmorgan Is A Very Good Franchise. And The Way You Should Look At A Franchise, A Business, Is From The Standpoint Of The Customers.

Just Because You Have A Good Hand Today Doesn't Mean It's Good Tomorrow. And Some Of The Things We're Doing May Become Very Disadvantageous At Some Point.