to make a call to my parents in new orleans. i had to pay $3 a minute. if i lived there now, what is it, pennies a minute, right? it's as if the technologist who arranged that, gave me most of the gains but charged me 20 cents a minute now. now i feel great, i can make the call for 20 cents a minute instead of $3 a minute. that's not the right comparison. it should be cheaper and more frictionless. there should be less of a role for wall street in the middle of stockmarket transactions than there is. >> "the wall street journal" in an editorial says the reason you have these complexities that you describe, that you just called the kind of intermediaries where wall street has been able to put itself in the middle of transactions between consumers and stocks is because of regulations. there are a whole bunch of regulations that require a lot of this to happen. and that in other words, if you were -- >> they enable it. >> if you ask like who the culprit is, i don't think -- it's an interesting story because it isn't a conspiracy