We support too big to fail. We want the government to be able to take down a big bank like JP Morgan and it could be done. We think Dodd-Frank, which we supported parts of, gave the FDIC the authority to take down a big bank.
You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, 'It could have been much better.'
You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.
That's my contribution - running a sound, healthy company that serves millions of customers well and employs hundreds of thousands of people. What else am I going to do? I'm not an artist. I'm not a writer. I'm not a musician. I'd love to be a tennis player or musician. I'm not.
Unraveling the euro is a terrible thing. This is a 50-year endeavor to get this continent together and that's a wonderful endeavor.
I am not responsible for the financial crisis, I hate to tell you.
It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.
Some things never change - there will be another crisis, and its impact will be felt by the financial markets.
It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.
There are downsides to a lot of things. There are downsides to flying - people die every now and then. Do you want to stop all air flights? There are downsides to pharma; sometimes they're misused. Do you want to stop using pills?
No one can forecast the economy with certainty.
Among those people not graduating, there might be a Steve Jobs or Barack Obama. We'll never know.
The United States has the best, deepest, widest, and most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That is a good thing.
We are totally open kimono with regulators.
Donald Trump has put some professional people around himself. Experienced. Successful. I know a lot of people seem to think that success and experience are reasons you shouldn't serve in public office. But they are knowledgeable and smart, and they've been around the world.
JP Morgan always has higher capital liquidity, that is partially to make up for mistakes and problems and obviously it's a tough economy. We support an oversight committee, we supported some of the compensation, new compensation rules, though we already follow most of them. We support a lot of it.
There are legitimate concerns long term, in my view, about nuclear war and policy and stuff like that. But the world has become a better place every 20 years for the last 2,000 years.
The problem is not that the U.S. economy won't be able to take care of its citizens - it is that taking away benefits, creating intergenerational warfare, and scapegoating will make for very difficult and bad politics. This is a tragedy that we can see coming. Early action would be relatively painless.
When the government gets involved in pricing, I don't think it's the right way to look at a business.
I get to deal with presidents and prime ministers and - and employees from tellers on up. And I love it.
