d. leveraged over all either a long period of time it's like a ten or twenty year depression or very rapidly which is a very deep depression does that make does that all make sense to you. absolutely we are in a phase that is called the leveraging people cannot carry the level of debt they have wages are not going up so people have no underlying the economic income to carry debt they have to reduce their debt they took on more than they could hard times are here more our times are coming so people are cutting back which damages the economy you know we have an out of control economic system we've had for a long time we let too much debt accumulate we didn't give people the kinds of jobs and wages that would have made it unnecessary to borrow to provide the so-called american dream and now we're reaping the reward of an out of whack system i mean the occupy wall street people are right one percent is doing great but if ninety nine percent aren't in the end the difficulties of the ninety nine percent will undo even the wealth of the one person right so the deal leveraging reducing the debt is t

price later so it causes because a fire sale because they're dumping a basket causes a d n a disorderly deal leveraging the rest of the break because there's been trying to avoid for such a long period of time and that's the fear in the banks that what would happen if greece defaults that there would be the leveraging of sovereign debt assets and in turn sparking a credit default swaps and all sorts of entanglements and by then they would say well we need a bank we need a bank bailout again because we have a liquidity problem it's not a solvency problem to say it's a liquidity problem because we've got these credit default swaps we've got this that it's value there we've got we're hedged but things are turbulent so we just need the government to step in and print some money now and give us a bridge this gap for us to get us past this and so then much at stake more philosophically is it even right for a government to put economic situations and efficient like guest. a referendum to a public what's in greece actually there's a question as to whether or not it's constitutional from what i understand they

to get some political leverage out of it because for the on the eve of this report we customize but to two thousand and three and that report about iraq and those. supposed to w m d's that evidence that came forward and yet of course the end of the day was all proved to be folds as a former intelligence officer yourself could you explain how that could be such a large mistake and of course i guess that's cause a lot of shadows over any further official findings what we're going to see tomorrow too isn't it. well that's true and the problem is with the world of intelligence it's sometimes referred to as smoke and mirrors for for reasons that are very clear the problem is that you you may have a piece of evidence of some kind but that piece of evidence is subject to your interpretation as to what it means when they saw aerial footage of photographs in iraq showing certain things they interpreted those photographs to mean something which which was it was not correct so the fact is that it is in the mind of the policymakers and of those who are directing the intelligence organization to make an analysis and determine what they are seeing and very often this analysis is

leverage that information be market regulators. >> i would just add, chairman reid, there's been a tremendous amount of improvement with the division over strategy and financial innovation to really help the d. think about taking it to thicken amounts of data and doing more sophisticated analytics around that data. >> that's been very helpful in offering to come with us on the program to make sure we are agile based on old data, that doing analytics analyses them about drugs or risk being agile and directing efforts there. it's also been helpful in the division of trading and markets to say that what is data we is data we may be altogether because we are in the field every day. we think we need. for instance, exposure to europe, but we could not only can't data in raw form, but of critical dialogues with the firms. that would make sense and had us be able to make a significant response. >> mr. lewis, ms. cross. i would announce a wee focus resources on it recently is lucky not to largest companies on a real-time basis. so historically we would take them up on fear, look at their thing and get some comments and perhaps move on after they responded in what we have figured out is if we have ou

leverage that information be market regulators. >> i would just add, chairman reid, there's been a tremendous amount of improvement with the division over strategy and financial innovation to really help the d. think about taking it to thicken amounts of data and doing more sophisticated analytics around that data. >> that's been very helpful in offering to come with us on the program to make sure we are agile based on old data, that doing analytics analyses them about drugs or risk being agile and directing efforts there. it's also been helpful in the division of trading and markets to say that what is data we is data we may be altogether because we are in the field every day. we think we need. for instance, exposure to europe, but we could not only can't data in raw form, but of critical dialogues with the firms. that would make sense and had us be able to make a significant response. >> mr. lewis, ms. cross. i would announce a wee focus resources on it recently is lucky not to largest companies on a real-time basis. so historically we would take them up on fear, look at their thing and get some comments and perhaps move on after they responded in what we have figured out is if we have ou