they were making bets they couldn't cover and the american taxpayers paid the price and they mostly got off scot-free. so you put in these controls and restrictions to make sure the banks can sustain their own risk. now you want to roll them back. why? >> well, number one, it probably doesn't surprise you, i don't agree with your narrative. i mean what we had was we had an erosion of traditional underwriting standards in real estate. a lot was driven by the affordable housing goals of fanny and freddy when barny frank famously said let's roll the dice. we did and america lost big. second of all, probably only with the exception of nuclear power and the practice of medicine, banking has always been one of the most highly regulated industries. the anti-kris is more -- >> jeb, people had no idea what they were doing. i covered the meetings. you never heard of the derivatives. >> okay. frankly i do know what a derivative is. >> now i do.