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A mistake on a much grander scale. and who gets left holding the bag if that happens? the taxpayers. that's what this is all about. the question is, are these institutions still too big to fail? and in many cases, actually, i would say that this scenario suggests that they may still be too big to manage. that's what we're working against, in trying to figure out, how can we deal with all of this complexity? the complexity still in the system. this was about credit default swaps. that's what these trades were. this was about betting with the company money. this was a bit of the casino element t...

Can make a mistake, we've got a problem. because it means that other banks could also make a mistake. and they could potentially make a mistake on a much grander scale. and who gets left holding the bag if that happens? the taxpayers. that's what this is all about. the question is, are these institutions still too big to fail? and in many cases, actually, i would say that this scenario suggests that they may still be too big to manage. that's what we're working against, in trying to figure out, how can we deal with all of this complexity? the complexity still in the system. this was about cred...

Swaps. that's what these trades were. this is about betting with the company money. this was a bit of the casino element that we've been trying to pull back on since the crisis. >> and the risk in all of that, jamie dimon says, look, we're still making a lot of money this quarter. we manage a huge portfolio that has made a lot of money. jpmorgan chase is not in danger of collapse, it is just that we made a big mistake here. >> it's a big mistake, and by the way, i give him enormous credit for coming out and saying mea culpa. i know a number of ceos that you wouldn't have heard about it until t...

Market. what caused the snafu? you're looking at it right there that sent the dow into a spiral on thursday, causing the sheer panic, starting a massive selloff. the questions need to be answered, can it happen again? and did wall street learn anything at all from this? so joining me live is jonas max ferris, the co-founder of maxfunds.com. always good to see you. i'm sure a lot of people out there, especially those investors who are die-hard investors scratching their heads and saying, oh, my god, can it happen again, can it? >> definitely can happen again. it's a rare event, but there's real...