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" The E.U., China, and Japan all talk free trade, and they all practice protectionism. "
Wilbur Ross
Talk
Practice
Free
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" Absent some international interruption, there's no real justification for oil being more than $90 or $100 a barrel. "
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" The way we'll get more jobs is by creating new industries, new companies, businesses that are higher tech and therefore can compete. "
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" If you add up all the promises any politicians makes, the math doesn't work. "
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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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" The fact that you're successful doesn't mean that you can't relate to working people. "
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" I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners. "
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" 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. "
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" 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. "
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Outside
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" 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. "
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Need
Why
Reason
" I believe if we and the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot. "
Wilbur Ross
Mexican
Believe
Will
" I still like TIPS (Treasury inflation-protected securities), and I think a big opportunity is coming in the municipal bond market. "
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Think
Opportunity
Like
" 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. "
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Work
Live
Long
" 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. "
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Strategy
Important
Live
" 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. "
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End
Balance
Crazy
" 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. "
Wilbur Ross
Currency
Country
Back
" 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. "
Wilbur Ross
You
Think
Wrong
" 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
Me
" My obligation is to disclose companies in which I'm an officer, a director, or an investor. "
Wilbur Ross
Investor
Director
Officer
" 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. "
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Strange
Company
Good
" 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. "
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Only
Good
High
" 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. "
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Day
End
Growth
" 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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Act
Community
Congress
" 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. "
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Individual
Nations
Level
" Confrontational things, admission of error, admission of defeat, restructuring, laying people off - those are not American ideals. "
Wilbur Ross
Things
Defeat
American
" Shale gas, if left to flourish, could create several hundred thousand more jobs. "
Wilbur Ross
Gas
Thousand
More
" Ships are a strange kind of commodity because they're very lumpy, very big individual units, but they're commodities. "
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Individual
Strange
Big
" Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things. "
Wilbur Ross
Things
Banking
World
" 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. "
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Great
Know
Loss
" Believe it or not, Mexico has better treaties with the rest of the world than the Unites States does. "
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Mexico
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Believe
" 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. "
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Last
Negotiation
Real