Ted Kaufman: “I personally have a hard time believing that folks as smart as you guys didn't see the housing market was having a…”

The panic of 2008 has subsided, but it has been replaced by the gnawing pain of countless men and women who can't find work, who can't keep their homes, and who don't know whether their economic story will ever end in recovery.

We have got to get away from this too-big-to-fail. It is bad in so many different ways in terms of the concept.

Widespread cheating and fraud of the sort that drove the speculative housing and derivatives securities bubbles are anathema to public confidence in the markets.

I think disclosure is really the root of a lot of these problems.