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" Between the Community Redevelopment Act, requiring banks to make what I would call very weak loans, and specific quotas that the Congress imposed on Fannie Mae and Freddie Mac, that created the market demand that really led to the subprime phenomenon. "

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" Ships are a strange kind of commodity because they're very lumpy, very big individual units, but they're commodities. "

Wilbur Ross

Individual

Strange

Big

" If you add up all the promises any politician makes, the math doesn't work. Hillary Clinton's math doesn't work; Donald's math probably doesn't work. I think you have to listen to their campaign pitches more as symbolic, more as metaphors. "

Wilbur Ross

Think

Promises

" Enforcement is a very important part of the administration strategy. We think that even our friendly nations should live by the rules, and if they don't, we will intend to enforce things against them. "

" We think, over the long term, the real key to value of a bank is does it have true deposits from true long-term customers? People who actually know the bank, live in the neighborhood, work there, maybe have a mortgage there, credit card... That, to us, is the key to a bank. "

" The way we'll get more jobs is by creating new industries, new companies, businesses that are higher tech and therefore can compete. "

Wilbur Ross

Creating

Way

" Washington, D.C., is the new Wall Street. No significant financial transaction of any consequence occurs without it. "

" My wife Hillary sometimes accuses me of trying to reinvent the 19th century. In some ways she's right because I like things that I can understand and that aren't too complicated. "

" We're in a trade war. We've been in a trade war for decades. That's why we have the deficit. "

" Mexico has 44 treaties with other countries that make it very advantageous to do international shipping from Mexico rather than from the United States. "

" I think at the end of the day, the real sick man of Europe is liable to turn out to be France, not Greece, not Portugal, not Spain, not Italy. The reason is France is very uncompetitive to begin with on a global scale, and the measures that Hollande has been putting in have been very, very negative from the point of view of economic growth. "

" If you think about it: a big bank in any country, what is it? Really, as an investment, it's a warrant on economy. "

" We'll be aggressive on trade because we know that deals that have been made historically have resulted in the great loss of manufacturing jobs, a great amount of closed manufacturing businesses. We don't want that to continue. "

" The fundamentals are the U.S. is going to end up being a net exporter of natural gas. That's going to be wonderful to help our balance of payments, reduce our dependence on a lot of countries that aren't so crazy about us, and change many, many parts of what goes on here. "

" Confrontational things, admission of error, admission of defeat, restructuring, laying people off - those are not American ideals. "

" The E.U., China, and Japan all talk free trade, and they all practice protectionism. "

" Absent some international interruption, there's no real justification for oil being more than $90 or $100 a barrel. "

" Hillary Clinton can't tell a good trade deal from bad one. "

" The problem with regional trade agreements is you get picked apart by the first country. Then you negotiate with the second country. You get picked apart. And you go with the third one. You get picked apart again. "

" Many of the smaller banks have had to get to the point where they now have more compliance people than they have lending offices. That's crazy. "

Wilbur Ross

Crazy

Compliance

" I'm a very big proponent of cloud. We've used it a lot in private sector, and as far as we can tell, it is not only more efficient, it's probably also more secure for lots of very complicated technical reasons. I think it's a very important thing for government to do, and also to have systems that talk to each other. "

" To me, the most terrifying form of warfare would be if there was some simultaneous cyber attack on our grid, on the banking system, and on our transportation system. That would be quite a devastating thing, and yet in theory, absent some real protective measures, that could happen. "

Wilbur Ross

Cyber

Transportation

" Shipping has a great oversupply of vessels that came from over-ordering a few years back. We think 2014 may be when it turns around. "

" If people know you have the big bazooka, you probably don't have to use it. "

" I believe in the two-party system. "

" China is the most protectionist country of the very large countries. They talk more about free trade than they actually practice. "

" The one term I don't like to be called is a 'vulture.' Because to me, a vulture is a kind of asset-stripper that eats dead flesh off the bones of a dead creature. Our bird should be the phoenix, the bird that reinvents itself, recreates itself from its ashes. And that's much closer to what it is that we really do. "

Wilbur Ross

Phoenix

Kind

" Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators? "

" I think partly the decline in the peso was due to worry about renegotiation of NAFTA, but I think we also need to think about some other mechanisms for making the peso/dollar exchange rate a bit more stable. "

" Each weekend I play at least one and maybe two sets of tennis a day. My doubles team was in the finals recently at my tennis club in Palm Beach and lost a tiebreaker after a three-hour match. I must confess, by the end of the three hours, I was relieved it was over. "

" I think what we have to do is figure out how to make sure we get the benefits of improved technology and yet cope with the dislocation that it will inevitably produce in certain industries. "