university graduate school of business and former economic advisor to president george w bush and alan blinder. professor of economics at princeton and former vice chairman of the federal reserve. i began the discussion by asking glenn for his reaction to president obama's speech. >> first of all, the president was absolutely right to use this anniversary as a chance to talk about the need for financial regulatory reform. there's much to be done in turn of systemic risk regulation, capital add qa kaes and transparency. unfortunately the president's own proposals didn't add up to that but his themes were exactly right. >> susie: that's exactly right. the president is really pushing hard today for those regulatory reforms and implying that they would prevent a future financial crisis. do you think that these reforms really will fix the flaws in the system? >> well not all of them. there are many flaws. we're going to have financial crises in the future as we've always had in the past. but that said i think these reforms do go a reasonable way towards filling some of the holes in the regulatory s

and alan blinder, professor of economics at princeton university. he was vice chair of the federal reserve from 1994 to 1996. done all marron, you were at the speech today, was the president right to warn of complacency on wall street as enough changed in the year since lehman collapsed? >> yeah, i think a lot has changed. he was very straightforward. i think he gave an outstanding speech. he was articulate, he certainly knew the issues. basically he said three things, the first one is we need an agency to protect individuals against others who create products and against themselves. secondly, we need more regulation to regulate all these securities firms and banks. and third, we need legislative power to make sure this never happens again. that somehow it can be stopped before it goes over the edge. and i think he delivered each of those positively. obviously god is in the details on these things. but this is certainly a speech and a set of issues that wouldn't have occurred a year or year and a half ago. it was an important change. >> reporter: we