Just Because We're Stupid Doesn't

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.

I Think Normalization Is A Good Thing.

We, Americans, Have The Best Country On The Planet. We Have Schools, Universities, Food, Water, Energy, Peaceful Neighbors, Low Corruption, You Name It, Deepest And Widest Capital Markets. That Doesn't Mean We Shouldn't Identify Problems. We Don't Have A Divine Right To Success.

We Can Take Our Japanese Clients Around The World. We Can Take Them To Brazil, Europe, Anywhere. And We Also Take Companies From Around The World Into Japan.

The Best Way To Look At Any Business Is From The Standpoint Of The Clients. So There Are These Certain Basic Things That Aren't Going To Change. Companies Are Going To Have Needs For Equity, Debt, Advice, Fx, And Derivatives. Individuals Are Going To Have Needs For Auto Loans, Mortgages, Something That Looks Like A Deposit Account, And The Ability To Send Money To People. Those Things Aren't Going To Change.