you asked the qution rhetorically i'll actually jump in andnswer with an answer from the moody's economist tat s. hlkeer refred to whahe said wod have happed without the recovery t, without the tarp legisltion, witht mang sure that we grabol the ller ofhiecony, what he says would he happened is we uld have absolutely sunk into depressn. that we ld have literal the picies of president bama and thedership the congress and sate stred oush ay. mr. tonko: swean see these v formations that downrd, straight line impact that could hae kept gng but and direion and now we're aske by our colleagues in the house onhe other side it not quick enough. how co taking -- we've made wonderful recovery here. we've spp the bleeding and we'r climbing upward. yoknow, t analogy used by the presidenwhere, younow, ey e the caintohe dch and then it took a tough bi eort to pull that car out of the ditch and they're sayi, give us back the key. we, you kn, i think the public is nownderstanding that very faile polici were governing our economy. ibrout downit broht amera to her knees, and we saw thlack of regulation with big b

how could companies like moody's, s&p and fitch produce such core products? is more importantly, how can this be prevented from happening again? the answers lie primarilyn the structurof the financial market services. while the users may be private entities, they seek ratings to satisfy regulatory mandates, thus it's very similar to the auditing work done by accounting firms. it can be seen as an example of regulatory captur a term used to describe where a regular ray to have acts in the benefit of the regulated, not to the public. the regulated including banks and the public interest taxpayers provide for the financial system. this dynamic manifested itself in interplayf several factors. the mandated outsourcing of credit analysis without any associated mandated standards of highly-complex and flexible finance instruments to private companieshose managers were stronglysniff sized to maximized profits. in short, the rating agencies were given a blank check. consider the incentives created by these factors. the rating agencies could create billions in revenues

but sudenly the credit model starting thus whether from the credit rating agencies, s&p, moody's, fitchetc, feeney and reddie, the essentially were backards looking at loan level performance to get a look at how did individuals historically performed with this particular ltv, this particular credit score and really ignore the macrofactors tt should have been examined in that market. can we fully expect 8228 mortgage to continue to rform this way if x% of the market also has to and that's driving whatev pcent of the sales are taking place. theriskased capital models for fannie and freddie. it's not well understood but those models that were put forward by the regulator did not include credit scores. they did not include documentation. so that if fannie and freddie r to make a 90 fio or vantage score alone with no income documentation, the risk based capital standing on that loan was exactly the same as making a 80 kert is core loan fully documented. and that is still the case in the regulation of the state so that capitalstdards with fannie and freddie aga did not increase the way that o

mark moody stewart himself said to me last night, the former chairman of shell, former chairman of the anglo-saxon mineral coal co., whatever -- he was talking about the early 1950's when the british parliament and the burning of coal in open fireplaces. of life would collapse, yet within three years, no one burn coal in open fireplaces. it was a regulatory decision by a responsible governing body that set the standard. also with regard to this question, and i do want to pitch some of the questions to john, because it is his area of expertise. the definition of leadership -- taking responsibility to enable others to cheap purpose in the face of uncertainty. what is certain is that blowing up mountains is not appropriate. that must stop. some of the other technologies, i frankly think or little less uncertain then this questioner put forward. has anyone read ban jones'-- van jones' amazing book? >> i think right now, with regard to the development of renewable energy technologies, that the questioner asked, nuclear, wind, solar, things we have not even dreamed up yet. this is our specialty as a nation. the call of future americans really cannot be denied. we have b