The privatization of assets and equity went first leaving liabilities somewhat public. Gary also pointed out that financial sector may appear to be not real to some economists, but they are indeed real in his view. The focus of financial institutions should be on information capital and human capital. Financial institutions should try to make use of information capital and utilize human capital within capacity. The real side of financial sector comes not from assets, not from liabilities but from its net worth.
Net worth is real.
Information capital and human capital are real as well. Financial sectors are managed in such a way that they can make real sector more productive. In terms of capital allocation, he asked what system we should follow. He believed that capital markets are more efficient for risk capital allocation, but for information capital and human capital, the system requirement is more demanding. In a evolution sense, we need to create more liquid market for these capital.