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Their own studies show the main drivers of default are loan devalue, borrower credit score. Everything else is literally a rounding error. And so of course, the final doddfrank rules essentially abandon the things that actually drive default. And endless servicing requirements, again making it near impossible to foreclose. My opinion is the rule increased foreclosures last time around rather than decrease them. And the harder it is and the mission has nothing to do with financial stability. The mission is to use the the regulatory system to force prudent borrows to subsidize imprudent. We all knew the crisis was quite costly. It also will provide a cover for massive expansion and government powers. One minute. Im not even go i think to need that. So i would say and would say avoid financial cryises. I think a repeal is not enough. The presystem was broken. It was flawed. And to me one of the real flaws of doddfrank is it extends the precrisis system. The theme of doddfrank is, lets exp ....
Minerals for firms not only firms getting the actual hard commodities there, but also for firms well down the supply chain, who have no idea where the aluminum in the electronic parts came from. So i think its telling when a liberal law ultimately convinces the Washington PostEditorial Board that it was a bad idea, which they have come out against conflict minerals. Its time to revisit the motion all together of including immaterial disclosures in security laws. Both by legislative fiat and by the sccs own power. And republican and democratic chairmen have both been guilty of this. I think it should be a binding constraint on any rule making. And business round table stands for the proposition. How is a mandatory immaterial disclosure going to provide benefit to investors . None. By definition fails cost benefit analysis. We have ways to measure immateriality. Methodology ....
Can be accomplished [ inaudible ]. Why dont you go ahead and take it. So let me first say, i think you touch upon an important observation about too big to fail which so much relies on the discretionary decisions of government and government decision makers, whether it is the d. O. J. Or the s. E. C. There is nothing about too big to fail economists. It is by political decisions and of course when eric holder goes before congress and said that somebody is too big to jail, that reinforces that perception. And on the data point, so again i would start with data can be suggestive as best and during the crisis we saw suggestive data that the funding advantage for the largest institutions had expanded and yes that has contracted but in my opinion you would expect that to contract post crisis. I think you could compare the funding cost today versus precrisis over time. People forget before the crisis, say in 2006, the largest banks paid more to borrow than the smallest banks. It was complete ....
Something positive. A week after this on july 14, he actually causes the potomac back into virginia which is now west virginia. And the telegram comes saying the president isnt pleased. Immediately he comes back and says im getting the center of the president hears my recognition from the army. He says no, no. We think you are doing a fine job we just want you to be more aggressive. He sits down and writes a rather scathing letter to the general in a sense i am going to paraphrase, you had then wrap up that you let them slip through your finger. The rebellion is going to go on. He puts it in an envelope and writes on the outside of the envelope and he puts it in his drawer that letter is at the library of congress. That didnt come to life until well after bottling lincoln but need and he then went to the library of congress and the letter that he does right is much more positive and says he joined the nation and applauding you in the great victory to gettysburg. That is the letter that ....