We Continued To Build The

People Thought They Were Going To Make A Lot Of Money. And Then At One Point, It Got Too Hot, And The Government Wanted To Knock It Down. Trying To Get It Up And Then Knock It Down, Both Were A Mistake. And Part Of The Reason, Some People Think, Is That They Wanted To Equitize Some Of Their Companies. A Healthy Stock Market Helps Equitize Companies And Reduce The Country's Debt Burden.

Part Of The Concept Of The Euro Zone Was To Establish A Common Market. The Banks Were Going To Bank Across All Their Countries Like We Bank Across States. But That Concept Got Killed For A Whole Bunch Of Reasons That I Won't Get Into. That Was A Good Concept, By The Way. It May Yet Return, Because There Are Huge Economies Of Scale In Banking. That's Another Thing People Don't Quite Get.

Not Every Company Went Bankrupt. Not Every Bank Needed Tarp [troubled Asset Relief Program]. So I'm Very Proud That Jpmorgan, Throughout That Time Period, Was Completely Steadfast. We Bought Bear Stearns Because We Thought We Were Helping The Situation. We Didn't Cut And Run.

I've Always Been A ... Believer In Good Regulation.

A Lot Of These Things Have Hurt The Average American. When They Look At The Banks And They Say, "well, The Bank's Talking Its Own Game," I Am Telling You, What We've Done In Mortgage Lending, Our Inability To Have Proper Regulations Around Mortgages, Has Hurt Average Americans. First-time Buyers, Immigrant Buyers, Prior Defaults, Self-employed, Because They Can't Get A Mortgage. Will It Make A Big Difference To Jpmorgan Chase? No, But You're Hurting My Fellow Citizens. Let's Go At It, And Let's Fix It.