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Several vacancies there. who is running things? >> he is. he is running things. meaning president trump. what he shed is the group of advisers with a bit more expertise in the white house on the different policy issues. >> these are the people excha e explaining to him through talking points what was important and the nuances and what happens three steps ahead if you make a certain move. >> they served in the executive branch and congress of the al r alternative view. now you removed them. really, the president has centralized power within himself and we don't know how this will unfold. his pa...

You have turned out to make a trade, alexis and the congresswoman, but it turns out the congresswoman between tuesday and went has gone bankrupt. she has your money. you go bankrupt as well. and then the dominos fall. are we good? the point here is that one of the big parts of dodd/frank is to get all of this person to person over-the-counter trading happen, the phone call between alexis and the congresswoman. >> something like an exchange. >> which is public and transparent and gives price information to everyone and gets rid of the terrifying counterparty risk between the twof of you. the qu...

I was on the conference committee. i was with barney frank when he was in a sweat every night to see if he could get the votes to move anything forward. it's a democracy. and the sef bill called for different exchanges. so it all has to go on an exchange. it has to be printed at the end of the process and before the process. that bin passed out of the subcommittee with a total vote and it passed out of the agriculture rat committee. my point is that any means of trade should be able to be exercised. new york is very much a voice skparj in some houses. they like to talk about it. >> that's beca...

Over-the-count over-the-count over-the-counter derivatives are something to understand they're financial instruments. their value is based on some underlying asset, corn, an interest rate, or a mortgage-backed security, a bond. they can go up and down in price. are often not traded on exchanges. the way an exchange works is if alexis wants to trade stocks with the congresswoman, they trade through me, i'm the new york stock exchange, and at the end of the day, everything is netted out. i conduct all the trades. i make sure everyone has what they want at the end of the day. over-the-counter exc...

They gave us 50 years of prosperity. when we started reregulating, we got in trouble. they were pushing to move off the exchange the energy derivatives which were the most powerful derivatives and she and others came to me, this is horrible, do something about it. i put in a bill that says you don't that. you keep the derivatives on the kparj at which greenspan says you don't need it. take it off. snowe, the f all come in and say, this is bad policy, don't do it. and, of course, it went to a vote and i couldn't even get the democrats to vote with me. so when they have this run toward deregulat...