On the recordJuly 22, 2015
It is, in some respects, deja vu all over again. It is dangerous for government to have one view of risk--one view of risk. The regulators told all the banks that there was virtually no risk in mortgage-backed securities, no risk in sovereign debt, so you don't have to reserve practically any capital against those. Think Fannie, Freddie, and Greek bonds, and it almost brought down the entire national financial system, and we are obviously repeating the same mistake. So I appreciate the gentleman from Arizona for his observation.
