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The regulators failed, the fed, all the regulators failed the american people. the question is what have they learned? which hope they've learned a lot. we should never go back to 18 months ago when everything was at risk. what we're trying to do is tighten this language to make sure there's not so much flexibility for the regulators to go back again. >> let me challenge you on a point then. if the complaint is government is not up to it, we had regulators before, can they do it this time and we're so worried about bailouts, look at that time track record of bailouts. the president was boastin...

>> that's an excellent question. they haven't been. the regulators failed, the fed, all the regulators failed the american people. the question is what have they learned? which hope they've learned a lot. we should never go back to 18 months ago when everything was at risk. what we're trying to do is tighten this language to make sure there's not so much flexibility for the regulators to go back again. >> let me challenge you on a point then. if the complaint is government is not up to it, we had regulators before, can they do it this time and we're so worried about bailouts, look at that time...

The president was boasting yesterday that gm and chrysler paid off their debts, not completely, but way ahead of schedule. t.a.r.p. is now $186 billion back, the overall payment is supposed to be around $87 billion. the record has been pretty good that the government and the taxpayer have done okay so far in bailouts, have they not? >> first of all t pay back by general motors and chrysler will never happen, not all of that. that's misleading, even what the president said there. they paid back money they were already given by t.a.r.p. money. they haven't paid back the other and they won't. som...