i mean, it makes a certain level of sense that we re not operating with derivatives and complex this and complex that the way we did in the 30s. there s no question, tony, that the financial regulatory structure has moved along at this creeking pace compared to the way the financial system has exploded. and the economy has exploded. many say in large part because of financial market innovation. ali and i were sparring about this earlier today. you know, this idea that there s been no significant regulation since changes in regulations since p 1930s, some would argue there has been in the wrong direction. in the 90s loosensing of regulations that are those last people you re referring to? graham ridge but a lot of debate around all of that and i m not going to get too technical. but we ve been going the wrong direction, some people are saying. we ve been talking about regulating this derivatives
chief business correspondent, the man, where s ali? ali velshi is here and christine romans in new york. ali, let me start with you. what are you expecting to hear from the president later this hour? well, he s going to be tough. yeah. but he will look to not make enemies. the bottom line is reform won t work unless someone is at the table. it is going to be targeted. the audience will be for the financial industry and look, it s gone a long time without rules and we need to change the rules of the game because they ve failed us. that s the opposition he s getting that if you put too many rules in, it will stifle business and it will hurt jobs and people s incomes and we can put rules in. wait a minute, rules. weren t we talking about sarbanes oxley not that long ago? we ve had little changes over the years, but we haven t had a real major change for the regulation that came in after the great depression and things have changed. we re more innovative about the way we