What's one more torpedo in a sinking ship.
I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.
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.
I grew up in New York City where there is no night sky. Nobody has a relationship with the sky, because, particularly in the day, there was air pollution and light pollution, and you look up, and your sight line terminates on buildings. You know the sun and maybe the moon, and that's about it. So what happens is that I am exposed to the night sky as you would see it from a mountaintop, and I'm just struck by it. Suppose I grew up on a farm where I had that sky every night of my life - then you're not going to be struck by it. It's just the wallpaper of your nighttime dome.
I want to be like the patron saint of reality.
When I saw Fannie Lou Hamer speech I said, "Well, how did this Democratic Party that Miss Hamer is talking about, become the Democratic Party that now is the party of the African-American community?"
There are men put on this earth to make laws designed to break the spirits of men. There are those put here to have their spirits broken by those put here to break them. Then there are those who are here to break the laws that break the men who break the spirits of other men. I am one of those men. - Harry West