Dont get insurance is to weigh the costs of the fine first is the cost of insurance. This is going to be ongoing. You can never stop failure. Ou can try to stay up with the measurements stress test, which is a great term, as to where failure might occur. Had we had stress tests on most of the bridges in the u. S. Over the last 50 years, we would not be crossing them. So you have got to realize that politics is the beginning of the end permeated that decision to deal with the problem. Those agencies, the alphabet they ran off, the federal Deposit Insurance Corporation of fdic, ok, i will put my money there, they were all created for a reason. They are still around, notwithstanding the reason for their creation is not necessary in some instances, and they have a life that they want to continue to live. I want to come to the defense of the fdic in articular. E did not have a function first of all, dodd and shelby worked closely. The idea for this whole pproach came in part from hank pauls
Compensation. When we lost on the floor of the house, i was sure it would be turned around. Two factors. First of all, bill knows this, when a measure is coming up, the people who are for it tend to take for granted that it will happen, and the people who are against it scream and yell. You hear disproportionally from the antis. We heard from all the people who thought it was terrible. After the vote, people started hearing from other people who thought that not doing it was terrible. And of course and i would say this is not purely hindsight here. Hank paulson will verify this. We talked that night, and hank, who had done a great job, was in despair. The day the vote was going on, there was a gathering in the well of the house of the bipartisan leadership ready to go into the usual drill of trying to change members vote. I will take credit for going to steny hoyer and others if they do not do this, this is too serious, dont win this by these kind of tactics. We will pay a big price. I
Behind me and that did not happen. You did not negotiate. We could get a photo of you afterward. Ok. Well, lets go to a committee now, not a subcommittee. The two gentlemen to my right and left have had ample opportunity to sit in the stuffed chairs behind me. Barney frank cocreated the legislation known as dodd frank. To my right is the honorable bill thomas, who served in congress until 2007. He was the chair of the house ways and means committee. And for purposes here today, he was the vicechairman of of the financial crisis inquiry commission. To my left is a member of the fcic who i have known for many years, headed the cbo for 4 years, was john mccains economic adviser, and was on the council of economic advisers. A guy who, for whatever reason, when he calls me up to do this stuff, i always say yes. There may be people who do not know what cbo means. It is the Congressional Budget Office. Barney and i have one thing in common, if nothing else, we were frustrated over and over ag
Nobody confessors about the same issues. You have to do it at two levels. One you need to focus on the district issues at the same time theres a lot of special Interest Groups that are not focused on those issues but were on the citywide issues. You have this tension how do you balance it so people who care about the citywide issues what makes sense to them. I made a decision citywide issues are also going to be there but if im going to run i have to look at the interesting issues. So i listened to people. It was early on i made the decision to start knocking on doors and asking people and say id like to hear about your issues. Its really difficult to do that after awhile because people asked whats our platform. I didnt have a platform i listened to people my platform was on what people are interested in i mentioned that citywide issues are different. There are many issues one of the things is counts economy in San Francisco is improving a lot. We didnt take a hit like the rest of the
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