they had to be deregulated and there's an argument that we reaped the rewards of that in the great crash in 2007. as someone who has been doing the daily work of regulation, how to you see that trajectory? >> well, i think the idea that there's regulation and some people love it and there's deregulation and other people love that, that's a disservice to the real issues we face. and i think the best part of reaganism, which really has some continuity across democratic administrations too and it's consistent with margaret thatcher's thinking was we want to pay very careful attention to costs and benefits. we don't want to cheer at regulation or cheer at deregulation and just have our citizens be in some sort of fistfight. we instead want to look very carefully at consequences. reagan's great idea about regulation was to get really as empirical as possible. now, it's not necessarily the case that he or margaret thatcher delivered fully on that promise, but it's a great aspiration. >> but wait a second.