[applause] oat the newdon york ideas festival. this is 20 minutes. >> we have 16 minutes and 37 seconds, which is a version of speed dating. we will do our best to try to do about five years of financial history in this time. everybody knows who james is. we have known each other a long time. let me find in and go back and we will do this quickly. looking back at history, a lot of chatter about what could've been done differently. i am going back to the 1990's to the time of glass-steagall being repealed, to the time when a decision was made not to regulate over-the-counter derivatives, decisions not to impose tougher capital requirements on investment banks. if you take that time, the 10 years or so, what should we have done differently? >> great to be with you again. we have known each other a long time. for those of you who stayed for the banking portion, we appreciate that. i thought they were getting prizes outside as everybody got up to leave. i will try to address this in 45 seconds. the country went through a period of tre