What'll be the future role in the financial intermediation process for savings institutions?

The savings and loan associations and the savings banks are part of our competition. But they're not the big competition in most places. The real competition is what we call "behind the line," that is, the Mobil Oils, the Searses, the captive finance companies, and the rest.

I'll give you a couple of numbers: General Motors Acceptance Corporation, a non-consolidated subsidiary, earned more money last year than Manufacturers Hanover Trust Company. General Electric Credit earned more money than Wells Fargo Bank. We bankers sit around and make believe that we're in the financial intermediary business... well, we're not. We're not on the mainstream of the intermediary process at all.

What's going to happen in the next five years is the greatest financial revolution that we've had in many, many years. We have to construct some kind of competitive equilibrium, which we do not have now.