On the recordFebruary 10, 2011
If you look at when these regulatory bodies were established in the 1930s and you look at the volatility and the growth that happened in the next 60 years, volatility was way down and growth was way up, and the American middle class took hold because they had confidence in the system. They knew that their investor dollars would be protected. Then we began in the early nineties, policymakers from both sides of the aisle, to dismantle that regulation, to take the referee off the field. And so we find ourselves where we are today--uncertainty, a financial crisis meltdown--at the very moment when the technology, the flash trading, the complicated securities are bewildering in their complexity. Now is exactly the wrong time to be gutting the SEC. We do that and people lose their confidence.
