failure of ideology and thinking and mindset. of course, mr. rubin, as former secretary led the charge towards deregulation in the 1990s, for example, around over-the-counter derivativ derivatives, and that s a huge part of how the regulators got so confused and so left behind by the companies. if i understand you then, the regulators had the power to do what needed to be done in terms of diminishing leverage and they chose not to do it, and in this case, do we need new laws or regulators? i think better laws would be helpful and a institutional restructure would be helpful, but the problem is the thinking of the regulators as it were. the u.s. and britain got into a mindset in the past decade the job of regulators were to be farmers and help grow the