I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

I was never very good at picking cotton, and then I only made fifty cents or $1 a day. People would work for $1 a day during the Depression. So we would get $2 for playing music and just having fun. I think that as a result of that it was not just the money, but we enjoyed doing it.

Global warming has become a new religion. We frequently hear about the number of scientists who support it. But the number is not important: only whether they are correct is important. We don't really know what the actual effect on the global temperature is. There are better ways to spend the money.

Old money in Southeast Asia is much more discrete and low key. It's about not wearing brand names. It's about being invisible, almost. The billionaire can be taking the bus with you.

I do believe that men can be emasculated by successful women. I don't think I'm emasculating. But I have seen the dynamic with men who either don't make money or make less money. It's just not good for them.