So many people just have that innate thing that allows them to express themselves in a way the majority can follow. That's when you're affecting culture.
I am struck that so many of our leaders in the U. S. forget how strong our country can be.
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?"
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.
You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.
He who cannot learn by others' mistakes is stupid. He who cannot learn by his own errors is a fool.
All thinking is done with the glands. Logic is added later to tidy things up.
In real existence there is only unity.
We spend all our youth chasing money, and when we attain it, we spend all our money chasing youth.