i don t accept that analysis at the time, but don t we need more of a long-term fix than just regulators who had a better sense of what was going on? to talk about the fannie mae and freddie mac situation and the winddown, we keep putting off that they are reckoning. we have to bring the mortgage market back in balance. and the only way to do that is to start to wind fannie and freddie down. they are 80 to 90% of the market. as far as the regulators, they are supposed to be the early warning system for the financial system. they completely broke down in that role back in 2008. they completely missed the ball on the macrolevel. they didn t realize the problems would spill over from the sub prime market into the general economy. and they also did it at the microlevel. they missed completely the individual institutions, whether