Maybe you ought to discuss that with the young people of America.

You cannot let the market run ahead of you, can they?

the SEC's handling of credit rating agencies contributed to the subprime frenzy that is at the root of the current economic crisis.

I absolutely believe that credit default swaps need to come under the umbrella of Federal regulation.

It looks like things are for sale in the marketplace.

These failures are not isolated. They cut across the agency's many functions and have had serious consequences.

I hope you continue to voice these opinions when giving economic advice to the President.

Tax increases have a large negative effect on investment.

And that undermines the whole integrity of the marketplace, as I understand it.

Yes, I believe they do work. They nearly always work. But you have to have trust, integrity, and transparency in the market.

We have got to make the system work.

Improvements in both programs will be necessary, if not imperative, to ensure that the SEC fulfills its investor protection mandate.