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" 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. "

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" 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. "

" 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. "

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

" 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. "

" 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. "

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

" 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. "

" Part of the reason why I'm supporting Trump is that I think we need a more radical, new approach to government - at least in the U.S. - from what we've had before. "

" 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. "

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

" A company not under sanction is just like any other company, period. "

" 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. "

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

" 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. "

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

" 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 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. "

" There isn't a bank in the world that could withstand a run. They all borrow short and lend long, regardless of what they say. "

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

" 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. "

" I believe if we and the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot. "

" 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. "

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

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

" 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. "

" The E.U. is one of our largest trading partners, and any negotiations legally must be conducted at the E.U. level and not with individual nations. "

" 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. "

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