we have claimed this is a basic not just asociety, basic element in economics. let me talk about democratization now for a minute because this may be controversial to some of you. if you study the history of realizent, you begin to at the same time, especially in the 17th and 18th centuries, that political life was democratizing. investment light was also in need to be democratized. it was leading to certain important developments that were crucial in that stage of things. example, the corporate form was essential during this period. you all heard of these joint stock companies. it was the first corporate form to exist. it has limitations compared to modern corporations, but it was an important step forward. the second vital step forward was the industrial revolution because for the first time, we created sources of capital for every man and every woman in that sense. before that time, all of the capital was in the hands of the nobility or the church or the military or royalty itself. began inck companies the 16th century. there was a company which treated with

johnson: the way i can say it is in a free and open and that has asociety, tradition of humanitarian goodwill and obligation when it comes to keeping refugees and an we shouldn heritage, welcome with open arms people should do soed, we peoplely and i think should understand in a free and open society, we cannot be free of risk. but we should do best in maintaining security while maintaining our values. senator ayotte: thank you. ensuring we are country ofa vibrant immigrants and i respectfully disagree on the risk factor as i you are saying on a strategy from isis as far as prevent the flow of refugees. thanks for your work and all who serve underneath you. we all travel so much and very appreciative of those who serve underneath you because they do very important work for our nation. >> thank you, secretary for being with us today. i certainly appreciate the work you and your employees have done as well. i've think you provide such a valuable service for all of us. i would like to take a minute to discuss an issue in iowa that is affecting many of our levee districts across the miss