Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier.
Walk into a Chase branch and we can give you so much quicker, better and faster. Like Wal-Mart.
You can compromise without violating your principles, but it is nearly impossible to compromise when you turn principles into ideology.
In America, you keep on hearing productivity is low; secular stagnation, it's a new normal. It's just not true: We've had multiple wars; we're not educating our kids. We had government shut downs, badly-spent money, failures in the health system, failures and an extreme amount of regulation - that's why we're going slow.
If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.
I think that technology is the best thing that ever happened to mankind. It's an absurd notion that somehow, 'My God, what are we going to do when driverless cars come along?' It's going to save lives on the road. And maybe, one day, we'll all be working four days a week and not five or six days a week.
