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

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

" 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. "

" 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. "

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

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

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

" 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. "

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

" NAFTA is an ancient treaty. "

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

" 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. "

" 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. "

" 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. "

" 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? "

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

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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 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 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. "

" 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. "

" If you add up all the promises any politicians makes, the math doesn't work. "

" 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. "

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

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

" 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. "

" 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. "