Liquidity. And we cant let this narrative go unchallenged. Youve seen it in the fsoc annual report. There was a drive by of it in the multi Agency Report that came out last october. And ive been around this town long enough there always has to be a boogeyman somewhere when youre trying to misdirect. I think this is an area that we need to encourage and not run away from and not vilify, not accept the standard pushback that were getting. And the second point, too which is this notion of the aggregate impact of regulation. And your question, which i think is a good one, how much of it is standard post crisis and how much of it is regulation. I was listening closely to sandy. I think weve reached a point where weve seen historically 2008 to maybe into 11 where there was a lot of prudent Risk Management undertaken in response to a crisis. I dont think you can parse them out any longer. You cant say its basul, its dodd frank, you go down the road and then its prudent Risk Management because
Whats needed is an order displaced facility. It doesnt have to be mandated by the government, bit has to be something where private entities can create these things where the price res made public, not necessarily through a consolidated system. But if not reuters or others will consolidate the information just as incident either active does. But most importantly, a system where youre not allowed to trade through those prices because youre not doing your client a service by failing to pick up the easy to pick up trade. There is one additional complicate. If you say you cant trade through that price, you must make that price available so it can be taken. But if anybody can take a price, then it has to be the case that the trading system has to be an all to all system where if i grab it i can settle the trade. We do this all the time in equities. Why should it be so difficult to do it in another system. Theyre just securities. So lets settle them up that way. These are the order handling
The war, for two reasons. One, i wanted to set the record straight regarding how george bush and his administration misled us into the war in iraq under false pretenses. Secondly, i wanted to add my thoughts as to how to make sure this never happens again by trying to change our intelligence laws so that classified intelligence isnt misused in this fashion in the future. When i was writing book and finishing it a year ago, little did i realize that the issues that have sprung from our involvement in iraq starting with the invasion in 2003 are still with us. And i want to talk a little bit about that today at the end of my remarks. I know that we need to be out of here by 1 30. I will try to keep my remarks relatively short so we have time for questions and answers. And as you know, this is being filmed by cspan. When you get a chance to ask your questions please wait until they bring a microphone to you so your question will be on the air as well as my attempt to answer your question.