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Interview you made a big mistake in the way you tackled financial regulation before the banking system collapsed. what would you have changed? >> i said everybody made a big mistake. the whole problem was we looked at individual institutions and said, are they credit worthy, are they safe? and it looked on the surface as if that were the case but they were entangled with each other and we had a shadow banking system that wasn't being regulated at all. one thing we know we're in a global economy and if you have national regulators and national supervisors trying to manage what is a global entit...

Mistake in the way you tackled financial regulation before the banking system collapsed. what would you have changed? >> i said everybody made a big mistake. i said the whole problem was we looked at individual institutions and staid, are they credit worthy, safe? it looked adds if that were the case. we had a shadow banking system that wasn't being regulated at all. we know we're in a global economy and if you have national regulators and supervisors trying to manage a global entity of institutions, it's not going to work, so you've got to go global. >> lacking back, what are some of the bigg...

So we tried to anticipate this kind of thinking to see to it that we're never left again with an area developing with there aren't any regulators and no one is controlling what is going on what occurred in the area of brokers or the shadow banking system. we're anticipating that. and by looking beyond the horizon. it isn't just what happens here any longer. whoever thought that an economic crisis in greece or a market collapse in shanghai would pose significant risks to our economy in this country. >> right. >> so we need the ability to be able to watch these items as they occur globally, and ...

Thinking to see to it we're never left within no one controlling what is going on. which is what occurred with brokers or in the shadow banking system. it isn't just what happens here any longer. who thought an economic crisis in significant risks to our economy in this country. we need the ability to watch these items as they occur globally. i intend to be part of the g-20 conference and urge the president to establish within the g-20 annual meetings of regulators so we have some ability not to race around the world so you can protect against the kinds of things that have occurred in our coun...

That are fdic insured that we as taxpayers are on the hook for are no longer allowed to trade the most risky type of derivatives still, though, however, allowed to trade in some other derivatives and the riskiest ones, they have to put aside into a separate bucket and collateralize which means they have to put capital up against that. and, so, that's a good thing. you know, blanche lincoln would have liked to have outlawed it entirely. >> the counterargument is that you would move that trade overseas and hurting americans. >> you would move it into the shadow banking system, as they like to sa...