Jack Reed actually said...

Based on that, and again, I want your comments, is that you cannot assure us that this problem would have been self-correcting given the mar...

I think the hearing has indicated that you gentlemen and the regulators have a lot of work to do, and we have got a lot of work to do.

We can't be alarmist, but we have to be very sort of tough minded about what potential problems exist there.

don't we need some more regular, systematic...review of the rules but consistent rules that are derived by joint rulemaking?