the death of accountability. acerlof and romer say when you deregulated the savings and loan industry what we failed to understand was that this was bound to produce wide-spread loo looting. they said, now we know better. if we have an economic theory, we don t have to have these crises. we did the opposite. we deregulated and we failed to prosecute out of the savings and loan crisis, we did over 1,000 felony convictions in major cases in the current crisis of the folks who drove it on wall street, we have zero. and, so, yes some of the deregulation made the crisis worse. the 2005 changes that made derivatives debt senior if a company goes bankrupt, all assets get frozen, except for derivatives. they are exempt. so, when everything gets frozen