but i do think we can say that if you're a major financial institution, which is guaranteed by the state, then you have to put up a lot of capital against this sort of transaction, and then you will wipe out the many institutio institutions of the potential profitabilities. if it's mr. paulson betting against another hedge fund, there's not a systemic issue. there's a systemic issue if major banks are engaging in pure speculative activity. the way to do that is tax it. >> the entry point should be to whom do we give guarantees? when the government is intervening by giving guarantees to institutions, we can prescribe what they do and how they do it. >> let me ask you about the politics about this. you weres whether also an elec governor. the obama administration proposes financial reform. the s.e.c. has to testify, suddenly on that day that the
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