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?

Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things.

I know there's a train wreck coming.

I think what we have to do is figure out how to make sure we get the benefits of improved technology and yet cope with the dislocation that it will inevitably produce in certain industries.

It's important to have a sound idea, but the really important thing is the implementation.

A train wreck is coming. It's not about the science. It's how people see their food.