The Congressional Internet Caucus Advisory Committee hosted a discussion about the National Security agencys Surveillance Programs. It included Stewart Baker and advocates of an open internet. They considered the affects of nsa surveillance on Cloud Computing and the development on new technologies. This is an hour and 15 minutes. A little housekeeping item. Tim is not here today so he asked me to make sure you all know im here as my capacity. I am with the American Enterprise institute. I am not holding any of their opinions and the people here will state whether they are stating the opinion of themselves or the organization. This is really not meant to be a technical debate. Its a debate of where are we a year after the snowden revelations and what weve learned. And im just going to ask each one of our panelists who are really well written and well spoken on this topic to give a couple key points of their point of view. Be thinking about questions. So im going to start with Stewart B
Of the best thing that is weve done. Keeping in mind, at the end of the day, all of us knows this. The straw that breaks the camels bank with regard to failing institutions typically is capital. Its just pushing a button on a computer. And frankly, if we get corrective action at least close to right, those two things alone would have a very, very beneficial effect. Not just on special banks, but on other Financial Intermediaries as well. Well, you know, i agree with the premise of the krekcorrecti action to the statute is very ineffective. I disagree that corrective action is a method of protecting the Banking System in times of financial collapse. Theres two ways one can look at the Banking System. I really want a system that is going to be a hundred percent safe and not have failures. And taking that to its extreme, you have a system that has a hundred percent liquid assets. It has very high capital ratios. The trouble with that type of bank which will never fail is youll never loan
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