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In 2003, because of the implicit government guarantee and because we were worried about some of the investments that fannie mae and freddie mac were making that congress, much to our chagrin said no, we are not going to regulate. that's because they are very powerful entities. to some extent i feel, you know, okay about anticipating a crisis and the other thing i really didn't see the enormity of it i didn't. i don't think this is a matter of regulation. i think this is a matter of people making bad investments. >> bill: okay. but the problem is for me and i think millions of people watching, ...

Government guarantee and because we were worried about some of the investments that fannie mae and freddie mac were making that congress, much to our chagrin said no, we are not going to regulate. that's because they are very powerful entities. to some extent i feel, you know, okay about anticipating a crisis and the other thing i really didn't see the enormity of it i didn't. i don't think this is a matter of regulation. i think this is a matter of people making bad investments. >> bill: okay. but the problem is for me and i think millions of people watching, that we expect the federal govern...