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>> i also am admitted not an attorney. but in trying to understand, both in terms of the banking system and in the point about the subprime mortgages, i think most people would understand interconnectedness. you have a five men climbing a mountain. there are all roped together. one falls, he takes the other four with him. for me, the terms being used are a little more difficult to parse. when you use the coli example, my argument is, coming from my background, that if you told me that spinach had the coli -- ecoli, you would go ahead and eat lettuce. you would not have to worry about...

you had this enormous growth and leverage, and liquidity risk in a large power for financial system. those were related, and people could not assess because they had no experience what would happen when you had a run on that system. so the oversight system when they talked about-- as i said in my remarks, did not establish a set of classic restraints on leverage on what came to be a large part of the american financial system. and people tried with duct tape and string, like the ftc did in their regime, to take the authority to make the best of it and tried to get to a point where th...