And, Mr. Ambassador, for your service, thank you very much.

Good to have you back.

I certainly agree with the idea that investors are responsible for their own analysis.

But on those, then, understanding that you look at corporate financial statements and those kind of things, but on these other types of asset-backed securities, it is hard to understand, in fairness, what the value proposition is that you…

So it is really more--the companies, of course, have no skin in the game.

I do wonder whether we should consider a different payment mechanism, where in essence the credit rating agencies have skin in the game over time.

I really think it has been most enlightening.

I think the suggestions that each of you have made have been very helpful, but even after you make those changes, it is that lack of--it is that procyclical thinking that drove us to where we were.

I am not in favor of propping them up.

I believe that making it independent and creating a new board, if you have three other regulators still in existence and everybody has got boards, I think it will confuse things.

I am going to ask some questions that do not necessarily reflect my point of view but just to probe.

I really appreciate what Paul Volcker has said about that recently.