I think we have seen today that--and we have known for some time--Treasury can exercise--try to exercise influence over the organizations.
I don't understand how you can cause those to measure up or how we could craft something that actually worked.
I believe that making it independent and creating a new board, if you have three other regulators still in existence and...
You do want to make sure it is as insulated as possible from any type of influences.
I think you have just given evidence as to where the real political clout is.
We actually urge people in this country to use leverage, but we penalize equity.
I am going to ask some questions that do not necessarily reflect my point of view but just to probe.
I happen to have fallen on their side of the equation and think that having any institution that is too big to fail crea...
The procyclical piece to me is a huge problem that you do not necessarily create by your formula.
I really appreciate what Paul Volcker has said about that recently.
I think all of us understand today that we need to be more concerned about systemic risk.