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i also am admitted not an attorney. but in trying to understand, both in terms of the banking system and in the point about the subprime mortgages, i think most people would understand interconnectedness. you have a five men climbing a mountain. there are all roped together. one falls, he takes the other four with him. for me, the terms being used are a little more difficult to parse. when you use the coli example, my argument is, coming from my background, that if you told me that spinach had the coli ecoli, you would go ahead and eat lettuce. you would not have to worry about that having a bit, because it s in the the spinach. when it comes to mortgage values when it comes to mortgage packages, did everybody have them, and when they lost value, that brought everybody down? let me try to explain it in simple terms. anybody who has read the tax code knows that this can be complex. what had happened was, there are these very complicated securities that were hard to und
you had this enormous growth and leverage, and liquidity risk in a large power for financial system. those were related, and people could not assess because they had no experience what would happen when you had a run on that system. so the oversight system when they talked about as i said in my remarks, did not establish a set of classic restraints on leverage on what came to be a large part of the american financial system. and people tried with duct tape and string, like the ftc did in their regime, to take the authority to make the best of it and tried to get to a point where they were trying to put in place better constraints but that effort came too late and it was too weak and it was not grounded in law and it was fundamentally inadequate. so let me ask this, and that is, given you had spoken on this and you have actually identified what you sober levels of risk in some might say levels of the responsibility, you saw those two trains of risk in your responsibility go