. >> hi, my name is chris guyer from the university of pennsylvania. my question is a little on the last one. going to the two industries which mr. theol discussed the lack of regulation in the industry in the face of inadequate regulation exposed us to systematic risk and requires strong governmental intervention. what are the major risks from the lack of regulation regarding technology? is it limited simply to restrictions on innovation or are there broader risks and then following up on that, going to professor linley's point about a rule-based regulatory system and given the slight mismatch and speed between which the legislation has passed and technology develops. how can legislation develop that is flexible enough to talk about some of the issues that we talked about and others that will arise in the future. >> and i think this is a very hard problem and as richard suggested and the last question, it's a hard problem any time you have to intervene and you can't avoid intervening at some level. to me, by and large, and i think this is in line with