dr. dodd frank, you ask five people in the industry where they think this is going to turn out, how do they think the volcker rule ends, you will get five different opinions. that is uncertainty, isn't it? in your industry, peter, in yours, greg, this is lack of low visibility in terms of the regulatory environment. and that's just the states we're talking about. we haven't even mentioned the regulatory changes internationally. >> no question that uncertainty -- regulatory uncertainty and capital requirements, which i agree fully that's critical to stability in the system down the road. there is an adjustment period here that's going to be one that's not friendly to credit creation or the cost of credit. and there are elements within the volcker rule that one can debate. certainly the prop trading and the extent to which you affect market makers which are necessary and, for example, the corporate bond market. there are 25,000 issues of corporate bonds that, as paul knows well, that day in and day out there isn't always a market there. you have to have firms of scale that are willing to buy

dr. bernard decided is too risky and too costly to started -- an entrepreneur is decide it is too risky and to cause it to start a business. another example is dodd-frankousands of pages of new regulations. regulations of course are essential to the functioning of a free economy. burdensome outdated regulations serve only to restrict freedom and therefore imperil enterprise. the victims of the regulations are not the nameless, faceless banks. they are the employees, the business owners, the customers who rely on those financial institutions. this administration's regulations are even invading the freedom of everyday americans, not just the banks and corporations but citizens. mike and chantal sackett run a small business in idaho and wanted to build a home on their property but a few days after they broke ground, an epa regulator told them to stop digging. they said they were building on a wet land. their property is not on a wetland register. it's in a residential area. nonetheless, the epa would not repeal the decision for there were told it could not go to court. in this case, an unelected government bureaucrat robbed them of their freedom. no recou

dr. bernard decided is too risky and too costly to started -- an entrepreneur is decide it is too risky and to cause it to start a business. another example is dodd-frank. it is an 848-page behemoth that will be followed by thousands and thousands of pages of new regulations. regulations of course are essential to the functioning of a free economy. burdensome outdated regulations serve only to restrict freedom and therefore imperil enterprise. the victims of the regulations are not the nameless, faceless banks. they are the employees, the business owners, the customers who rely on those financial institutions. this administration's regulations are even invading the freedom of everyday americans, not just the banks and corporations but citizens. mike and chantal sackett run a small business and idaho and it will build a home on their property but a few days after they broke ground, an epa regulator told them to stop digging. they said they were building on a wet land. their property is not on a wetland register. it's it's a residential area. nonetheless, the epa would not repeal the decision for there were told it could not go to court. in this case, an