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" If trade deficits are good, why is China so pleased that they run a huge trade surplus? It's perfectly obvious that if China hadn't been such a huge net-exporter, it never would have grown at the rate that it did. "

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" 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. "

Wilbur Ross

Day

End

Growth

" In many critical things, such as the very high purity of the aluminium we need in aerospace, we only have one producer. That's not a good formula. "

" 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. "

" 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. "

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

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

" Everybody talks about tariffs as the first thing. Tariffs are the last thing. Tariffs are part of the negotiation. The real trick is going to be increase American exports. Get rid of some of the tariff and non-tariff barriers to American exports. "

" 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. "

" Shale gas, if left to flourish, could create several hundred thousand more jobs. "

Wilbur Ross

Gas

Thousand

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

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

" If you want to do something to destroy consumer spending, just eat away at the middle class because the other problem we have is the structural problem of middle class America. "

" 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

" There is no evidence that more regulation makes things better. The most highly regulated industry in America is commercial banking, and that didn't save those institutions from making terrible decisions. "

" 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

" The whole idea of a trade deal is to build a fence around participants inside and give them an advantage over the outside. So there's a conceptual flaw in that, one of many conceptual flaws in NAFTA. "

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

" There are deep value opportunities in insurance stocks, which were beaten down because of their exposure to the subprime crisis, annuities, and commercial real estate. "

" I don't think there's anything inherently wrong with a bank being big. In fact, there are some good arguments about universality of geography that in theory, if you have all your eggs in one little community, and some big employer goes out, that could be your downfall. "

" 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

" It's important to have a sound idea, but the really important thing is the implementation. "

" 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. "

" 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. "

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

" NAFTA is an ancient treaty. "

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

" The typical big Japanese company has somewhere between a third and 40 percent of its revenues coming from developing countries, and about a third of Japan's exports are also to the emerging countries, so in a strange way, Japan, which has very little internal growth, its big companies are a good way to play the emerging markets. "

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

" You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning. "

Wilbur Ross

You

Day

" 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. "