"If you can run earning assets at lower capital levels than the economic risks warrant, then what starts as an incentive to acquire becomes a compulsion to grow into a conglomerate that serves every customer in every product in every region”
“If we had a crisis today, it is much more difficult to see how you pull that bump forward. If the cycle turns, it will be much worse and much harder to recover from”
“Suppose that interest rate swaps or credit default swaps had never been invented, would we still have had a housing finance crisis? The answer is: absolutely”