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Because we've not been able to do it in the way that some of us would like to do, that we can't trust that the living wills and all of that that we put in place will help to dissolve these institutions. but i think you've got to give it a chance. i think we've come a long way. >> the one thing that's interesting, it was just written about. they're actually starting to price in the resolution authority. >> wait. >> let me break down what i mean by that. the credit default market is insurance on companies or contracts going belly up and -- >> it's a lot of two sided bets. are you going to go ban...

>> right. >> and there was a failure to recognize that on the part of the house majority last summer. and i think that was something that really did detract from confidence both in the united states and internationally. >> gretchen, your book tells the story of how we got into a big mess. and i think a big question for a lot of people is can this happen again. and with europe and the kinds of issues that larry is talking about, what's your sense of the next couple of years? >> unfortunately, i think it can happen again. because we really didn't address some of the biggest issues that were the ...

System, and we're working with regulators to get that back into the system. >> but you're the most outspoken advocate, saying there's too much regulation. washington doesn't understand it. you oppose the volcker rule which says just this, that a bank should not be betting its own money to perhaps enrich itself. it should only be trying to manage or minimize losses. >> that's all completely untrue. if anyone would like to check the documents that i actually write every year in my chairman's letter, which i write myself, i get help. we have supported 70% or so of dodd-frank. we supported resolut...

Called resolution authority, forced the big banks to create what they call living wills, which is, this is how you liquidate me if i go wrong. but implementing that has always been a difficult thing to imagine. jerry corrigan, used to be with goldman sachs, actually still is, used to be president of the new york federal reserve, told me that never in the entire history of mankind has a large financial firm been unwound in a large way. >> cuff a functioning financial system where you allow people to gamble without using their own money? >> i mean, no. >> have you ever seen one? i've never seen ...

>> it's 30% of all deposits in america. america is far less concentrated in europe, asia, canada, australia, france, u.k., italy, way less concentrated. i wish -- i believe that when we start talking about resolution authority, that we should, the governments, the regulation should be able to take down a jpmorgan in a way that doesn't damage citizens of the world. i think the banks should pay for that. like the fdic, when banks fail, the fdic takes them over and liquidates them and the rest of the banks pay for that. we are going to pay $5 billion for the failure of other banks. instead of cal...