CSPAN2 Capital News Today May 8, 2010
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...
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