So it would seem to me that there is no question that there is a direct relationship of index funds and the long-held positions that would account for some of this non-convergence.

Do you think the double-down and double-up index funds that are double-hedged have any extra contribution to some of the phenomenon we have seen?

It is not really good for your business in the long term, is it?

The American consumer did not win, but the American farmer sure as heck did not win either.

So delivery does have a lot to do with some of this lack of convergence?

If you do all those things, won't this money go to an overseas market?

One of the reasons people were investing there is fear of not getting a return in other investment vehicles.

Well, but they do sell. They just roll.

So people are going to start loading out of CME to somewhere else in the world if it is not fixed?

That is a concern that I have because I think if we become too restrictive here, the invested capital goes somewhere else.

So you think there is minimal risk for us of losing capital in this country by making these changes?

So let me go to you, Mr. Strongin. Have I got this right, that I could actually buy an index fund, pay the storage cost, and net about 4 percent versus the cost of my money, if nothing changed in terms of the price of the contract and I…

But there is some risk?

Isn't the real reason that there is no problem with price convergence in Cushing, Oklahoma, is because if you have your name on that barrel of oil, you better be there in Cushing because delivery is going to happen?

Do you think those have any impact at all on price swings? Do you think the average investor who is being told to invest in an index fund has any idea about what the risks associated with that are?

We haven't made priorities. They are wasteful projects. Most of us don't want to steal future from our grandkids to be able to do something that's really stupid right now.

You had made a commitment to me at that time that you would do whatever you could in your power, if Congress failed to act, to make sure that that was funded.

I will be happy to help you shuffle that money around.

I am both puzzled and frustrated by their apparent unwillingness to engage Congress.

While I disagree with some of your conclusions, I appreciate your thoughtful approach to the issue.

Equally important to us providing consent on this nomination is our determination that you have a judicial philosophy that reflects what our Founders intended.

My constituents in Oklahoma understand, as do most Americans, that the right to own guns hangs in the balance.

You must demonstrate that you will strictly interpret the Constitution and our laws and will not be swayed by your personal biases or your political preferences.

Do you not consider it ironic that the majority of the debate about the 14th Amendment in this country was about the taking of guns from freed slaves?

The American people expect their judges to treat all litigants equally, not to favor and not to enter the courtroom already prejudiced against one of the parties.