We did have a fund, and there has been a fundamental difference between the two parties on whether or not we should assess large financial institutions.

Dodd-Frank actually said that there is no legal authority to use public money to keep a failing entity in business.

I am again very surprised to hear my Republican friends now say our problem is that we have toughened up the standards for banks loaning to people.

I think you may have misunderstood Mr. Sherman because you weren't here.

Although this does-- there is this myth that somehow the Democrats were pushing for these loans.

The problem was not so much that we deregulated as a society, but that we did not have new regulations to keep up with new activity.

Mr. Frank. Mr. Garrett, if it was a serious question, you wouldn't ask it with no time left.

I look forward to congratulating you, Mr. Chairman, on a fourth anniversary coming up.

What the law says is you may have to pay some of their debts, as Ronald Reagan recognized in 1984 with Continental Illinois.

I was astonished again--I get astonished a lot these days; I am out of the business.

I think that is a very Marxist analysis.