Jack Reed actually said...

I am coming to a conviction, that many times these devices are used to avoid regulatory constraints.

I think some of the problems with the Basel II, particularly, were the ability to rely exclusively on credit ratings for securitized product...

one out of ten homes are either in foreclosure or 90-days delinquent, and that saps not only the energy from the economy

until I think you make it clear that this is an important objective, we will get a lot of motion and not a lot of results.