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" We're in a trade war. We've been in a trade war for decades. That's why we have the deficit. "
Wilbur Ross
Deficit
Trade
War
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" We are the world's biggest importer. We need to treat the other countries as good suppliers. "
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" I believe in the two-party system. "
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" My wife Hillary sometimes accuses me of trying to reinvent the 19th century. In some ways she's right because I like things that I can understand and that aren't too complicated. "
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" Shale gas, if left to flourish, could create several hundred thousand more jobs. "
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" If you add up all the promises any politicians makes, the math doesn't work. "
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" 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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" China is the most protectionist country of the very large countries. They talk more about free trade than they actually practice. "
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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. "
Wilbur Ross
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" 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
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Wrong
" 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? "
Wilbur Ross
Grow
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" The fact that you're successful doesn't mean that you can't relate to working people. "
Wilbur Ross
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" Washington, D.C., is the new Wall Street. No significant financial transaction of any consequence occurs without it. "
Wilbur Ross
Street
New
Financial
" 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. "
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Think
Promises
More
" 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
" 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
" I am not anti-trade. I am pro-trade. But I am pro-sensible trade. "
Wilbur Ross
Trade
Am
I Am
" 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
More
" 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. "
Wilbur Ross
Decisions
Evidence
America
" Confrontational things, admission of error, admission of defeat, restructuring, laying people off - those are not American ideals. "
Wilbur Ross
Things
Defeat
American
" 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. "
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Political
See
Research
" My obligation is to disclose companies in which I'm an officer, a director, or an investor. "
Wilbur Ross
Investor
Director
Officer
" 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. "
Wilbur Ross
Last
Negotiation
Real
" Mexico has 44 treaties with other countries that make it very advantageous to do international shipping from Mexico rather than from the United States. "
Wilbur Ross
United
United States
Shipping
" 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
" 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
More
" 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. "
Wilbur Ross
Flaws
Inside
Trade
" 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. "
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Think
Government
Cloud
" 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. "
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Seems
People
Little
" 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
" 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. "
Wilbur Ross
Act
Community
Congress