There is no such thing as an ordinary life.
It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.
I don't think you're going to have one bank. Big companies aren't going to give us all their business. So they can pick and choose - by product, by country, whatever. We have major competition across every product in every place we operate.
But in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.
Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"
I am struck that so many of our leaders in the U. S. forget how strong our country can be.
My guess is the big Chinese banks will be in 100 countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U. S. at some point. Whether they do or not, or if it's allowed or not, I don't know.
A fashionable idea in technical circles is that quantity not only turns into quality at some extreme of scale, but also does so according to principles we already understand. Some of my colleagues think a million, or perhaps a billion, fragmentary insults will eventually yield wisdom that surpasses that of any well-thought-out essay, so long as sophisticated secret statistical algorithms recombine the fragments. I disagree. A trope from the early days of computer science comes to mind: garbage in, garbage out.
I'm not shy or reclusive. I just spend my time with people rather than journalists.
Except when you're marching to war, it's not a very optimistic thought, is it? In other words, it's the opposite of optimistic when you're thinking you're going to war.
I've heard that people stand in bad situations because a relationship like that gets turned up by degrees. It is said that a frog will jump out of a pot of boiling water. Place him in a pot and turn it up a little at a time, and he will stay until he is boiled to death. Us frogs understand this.