It Can Take A Long

Men, Age 25 To 55, The Labor-force Participation Rate Is Down 10%. That's Unbelievable. There Are 35,000 Dying Of Opioids Every Year. Seventy Percent Of Kids Age 17 To 24 Can't Get Into The Us Military Because Of Health Or Education. Obesity, Diabetes, Reading And Writing. Is That The Society We Wanted? No. We Should Be Working On These Things, Acknowledge The Flaws We Have, And Come Up With Solutions. Not Democrat. Not Republican. Not Knee-jerk.

No One Has The Right To Not Assume That The Business Cycle Will Turn! Every Five Years Or So, You Have Got To Assume That Something Bad Will Happen.

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 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.

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.