Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators?

In many critical things, such as the very high purity of the aluminium we need in aerospace, we only have one producer. That's not a good formula.

Enforcement is a very important part of the administration strategy. We think that even our friendly nations should live by the rules, and if they don't, we will intend to enforce things against them.

The reality is if something were to happen that cost China jobs - like, if they upwardly revalued the currency a lot - those jobs aren't going to come back to the U.S. They would go to Vietnam; they would go to Thailand. They would go to whatever country was the lowest cost.