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Necessary. the problem with the alternative approach from brown and vitter is that it's just this very gross leverage cap where you say, well, we'll make the banks safe by telling them that they have to have lots of equity. and i think that's a good policy. but if you just do that and you don't also do the complicated dodd/frank approach, then the banks can stuff themselves with really risky loans, where even if you have a lot of equity, you can still have failure. so i think you need both. i have his frustration. there's a lot of value in the dodd/frank law. there are things that it's doing t...

Around on wall street and asked people what the single most important reform would be to lessening the likelihood of a major systemic melt down again it is to have a cap on leverage. the amount of debt that banks have and he has a leverage cap. it is without question the most seminole reform you could offer and it's very hard -- a very hard limit in his proposal, very strong plan. >> one of the great mysteries of american politics for us around this table over the past three or four years, too big to fail has been allowed to get even bigger. barack obama is not moving on it. republicans are ce...