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" Generally speaking, companies get into bankruptcy as a kind of meritocracy. Somebody made some sort of big mistake, to get into bankruptcy, and very often, a part of the mistake is too much leverage. "

Wilbur Ross

Too Much

Big

Kind

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" There's trade, there's sensible trade, and there's dumb trade. "

" One of the problems with industries that have been in relatively long-term declines is that, very often, the managements in those industries develop a kind of loser mentality. And when you ask them what's wrong with the business, they'll point to extraneous forces. "

" 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. "

" 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

" Barring some national security concern, I see no valid reason to keep peer-reviewed research from the public. To be clear, by 'peer review,' I mean scientific review and not a political filter. "

" The reality is if something were to happen that cost China jobs - like, if they upwardly revalued the currency a lot - those jobs aren't going to come back to the U.S. They would go to Vietnam; they would go to Thailand. They would go to whatever country was the lowest cost. "

" My obligation is to disclose companies in which I'm an officer, a director, or an investor. "

" 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. "

" China is the world's biggest exporter, but they're also the people with one of the highest tariffs on imports in the whole world. That seems a little bit oxymoronic. "

" I believe in the two-party system. "

" 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

" The United States is the least protectionist country in the world but has the largest trade deficit, while other countries are highly protectionist and have huge trade surpluses. This cannot continue. "

" I am not anti-trade. I am pro-trade. But I am pro-sensible trade. "

Wilbur Ross

Trade

I Am

" 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. "

" The rules of origin in NAFTA need some tightening. Rules of origin are what let material outside of NAFTA to come in and benefit from all the taxes and tariff reductions within NAFTA. "

" Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things. "

" I think there's a big difference between the impact of trade agreements on corporate America and the impact on Mr. and Mrs. America. Corporate America has adjusted to them by investing lots of capital offshore... What we're doing is we're exporting jobs and importing products instead of exporting products and keeping jobs. "

" I think it's natural for any manager to want to grow his business. The question is at what rate, and in what direction, and in what format? "

" We are the world's biggest importer. We need to treat the other countries as good suppliers. "

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

" I still like TIPS (Treasury inflation-protected securities), and I think a big opportunity is coming in the municipal bond market. "

Wilbur Ross

Think

Opportunity

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

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

" Believe it or not, Mexico has better treaties with the rest of the world than the Unites States does. "

" 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

" 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. "

" 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

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

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

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