i think also a failure by alan greenspan, larry summers, and bob rubin, to heed brooksley born's concerns at the commodity futures trading commission about derivatives of their failure to basically agree, see the dangers that she saw in derivatives getting out of control. that also contribute to the problem. virtual regulation of wall street is i think a part of the very damaging legacy that we lived with better after. >> deregulation and a lot of times is from 1980 onwards, is widely credited with unleashing much great entrepreneur energy into the u.s. economy. is that not right speak with some of it is right, undoubtedly. one of the great strengths of the u.s. economy is not only entrepreneurialism, but also a venture capital community that supported those entrepreneurs. but by the time you get to the late '90s, most of the entrepreneurialism was occurring on wall street. it was not in terms of new gadget. it was entrepreneurs in terms of new financial gadgets. and that was a zero-sum game as it was taking money from one pocket and putting money in another. it was creating a casino capi

i think that also a failure by alan greenspan -- larry summers and bob rubin to heed berkeley born conference at the commodity future trading commission about derivatives, their failure to basically agree with her, see her, the dangers that she thought into it is getting out of control. but also contributed to the problem. >> the complete redelegation is i think part of the very damaging legacy would live with thereafter. >> deregulation and lower taxes from 1980 onward is widely credited with unleashing much greater entrepreneurs of energies into the u.s. economy. >> certainly a threat, undoubtedly. i mean, one of the great strengths of the u.s. economy is not only entrepreneurial son, but also a venture capital community that supported this entrepreneurs. but by the time you get to the late 90s, most of the ashburn orioles and was occurring on wall street. it was not entrepreneurialism in terms of new gadgets. this entrepreneurialism in terms of new financial devices. and that was a zero-sum game. it took money from one pocket and put it into another. it was creating a casino capitalism but

it felt as though there was -- there was a "time" magazine cover of larry summers, bob rubin and alangreenspan as the committee to save the world, and it did sort of feel like that at the time. and i learned that they did actually think very hard about the economics of things as well as the politics, when they were trying to resolve those crises. but i have to say -- and i think larry summers has admitted this -- it's easier to lecture other countries about taking dramatic moves or nationalizing the banks and closing them down than it is to do it yourself. and that's what they've been finding out the past few years. >> what was his job at the time? >> he was the undersecretary for international affairs. i think the current occupant of that job is brainard of the treasury. and i had dealings with the u.s. treasury as my job. i was writing editorials for "the financial times" here in london. but i had been to school at harvard and i was half american, and i think in my conversations with the international types at the treasury in washington, and it came out that i was an american citize