to do in this space is because this congress has prevented oversight agencies like the fcc and the cftc from having enough staff and resources to be able to enforce as well as they could some of the laws and the rules that are put in place. and so we go back to the need for civic engagement. we can not solve the problems in government, and we can not solve the problems that we face collectively as a society unless we, the people, are paying attention. and in a age in which people are getting information through digital platforms, through the internet, where people's attention spans have shrunk, it is critical that all of you who are shaping this environment, are spending time thinking about how are we getting people, how are we getting citizens engaged. and you yourselves have to be engaged and spend some time thinking about it. - thanks for watching this special episode of overheard. you can see the rest of my hour long discussion with president barack obama by visiting the south by southwest website sxsw.com. - you can not take an absolutist view on this. so if your argument is strong

the smart money, they're the big money as reported in the weekly commitment of traders report by the cftccial gold traders are now at a historically really high net short position. they've been continuously net short ever since 2001, but to varying degrees. and so when you see a really high net short position, the smart money is betting on decline in bill prices and the smart money is usually right in the long run. it's going against them today but that may be an opportunity to load up on shorts again and prepare for even a more big downside move in gold prices. >> tom, a lot of people will struggle with this type of patent matching particularly with what the dow is doing relative to the opinion polls and the election campaign. you know, normally if you were a scientist you would try to control further factors to establish the correlation. and i wonder if you look back at your charts if you were to extract the effect of the fed and janet yellen whether you'd still have a correlation with the polls. >> that's a really good question. and this election year is far different from the standard

cftc covers a much larger portion of the derif it is market and made more progress than s.e.c., even accounting for a few hiccups along the way with far fewer resources than you have. department of labor able to to pose and repropose and financial the fiduciary rule and the s.e.c. produced a study called for. neither of the cases was the process perfect, of course. nor is our final rules perfect but both agencies were able to adapt along the way and move forward. why is the s.e.c. slower than those agencies in what's not working? >> well, i think, again, i think what the s.e.c. was given between the dotd-frank act and the jobs act, plus, obviously, all of our various call them discretionary responsibilities which are vast we have undergone a historic level of regulatory activity of great complexity and about dodd-frank in particular, i have said it from the day i arrived i'm highly, deeply committed to getting the mandates under both of the sta choouts and now the f.a.s.t. act done promptly and well and need to last and need to be adaptable to how our markets change. i think with res

>> with the cftc their required to consult with us and we often offer comments. >> did day except them or ignore them? >> i would agree when it comes to a mortgage credit the more rules that we have better designed with the abuses of the prime lending. >> madam chair this all goes back civic it makes credit more difficult to obtain. >> this goes back to monetary policy their rules and regulations are strangling our economy. that is whether adjusting interest rates for unemployment it all goes back you deal with lives every day with the rules and regulations you are messing with you need to understand the importance of that when you see the impact and then you talk about the small business folks we have fewer small businesses created in the last 56 years than we have lost and that is the wrong direction have and if we don't allow them to be created we are hurting ourselves please do your research stick. >> thank-you mr. chairman for coming today you are here for your twice your report have not been able to read all of your report or your opening statement but i got through some of it is