my view is repeal dodd/frank. i'm not familiar pricely with what i said but i stand by what i said, whatever it was. ♪ >> remember just a few days ago when we were told the campaign would be elevated to a new level of substance? just kidding. turns out this week is making romney-hood and obama-loney high brow language from a lincoln/douglas debate. it was supposed to be a real debate about the real contrasts in this campaign and real issues. instead, we are seeing attacks reach a whole new level. vice president joe biden started a chain reaction with these remarks tuesday while he was in virginia. >> he's going to let the big banks once again write their own rules. pun chain wall street! they are going to put you all back in chains. >> meanwhile, mitt romney was facing -- actual scrutiny over his vp pick and his policies? so last night in ohio romney just couldn't wait to change the subject. >> this is what an angry and desperate presidency looks like. his campaign strategy is to smash america apart and then try t

that is what the dodd frank tries to do. to take the example of too big to fail, and going back to the question you posed, does the legislation provide the framework or you can deal with the situation like that? it does. the entire logic of that title to the of the resolution provisions, it is as follows, if there is a firm whose insolvency is going to have consequences for the financial stability of the united states -- the federal reserve, the secretary of the treasury, and the president, so, it is a very collaborative accountable process. and it has an entire mechanism allowing for a variety of different approaches to the firm. using both liquidity measures and other measures. to try to contain the problem. so it does not have the collateral effects that we saw in the example of lehman brothers and even going back to ltcm. that is how the legislation tries to deal with the issue. i would respectfully disagree with joe. and his assertions that the dodd frank does not address the too big to fail problem. >> well, let me phr

the cost of dodd-frank up to the eight largest u.s. banks could be between 22 and $34 billion annually. >> and marcus stanley of americans for financial reform thinks these higher costs might benefit consumers. matt mccormick says consumer wills take it on the chin in a number of ways. good to have you with us. the change in the estimate of the costs, it seems to me, has less to do with the regulatory burden than it does with what will now be sort of off limits for banks to do, a change in their business model, have i got that right? >> sort of, tyler, i think you look at regulatory interpretation from my understanding only 200 of the thousand pages of dodd frank will be somewhat procluded will make it more difficult. but the revenues are still down roughly 5%. so it's difficult for them to get money, i think they will be more conservative. i respectfully disagree with marcus, i think it will make it more difficult for them to loan money and be an ultimate result in higher costs and lower loans that could impact banks and the share pri

economy and the dodd-frank financial regulation law. then retired admiral william fallon talks about the arab spring, iran's nuclear program and u.s. foreign policy towards the middle east. and later the education department's third annual bulllying prevention summit. >> i had no idea about the experiences of many of the people who were essentially my predecessors as correspondents or diplomats in berlin and, despite all the time i had spent in germany i hadn't spent a lot of time thinking about what it would is been like being a correspondent there in the '20s and 30's. how would you have operated? what would you have noticed or not noticed much less how would you have acted. >> coming up next, a look at financial regulations and the state of the american economy since the dodd-frank financial regulation law. "new york times" columnist joe nocera moderates the panel discussion between former wall street executives and the assistant treasury secretary for financial institutions. from the hamptons institute, this is an hour and 15 minute

you think about only weeks after dodd frank, it shut down the avs market.t came back is because the fcc said they would not enforce a second of dodd frank. i don't think it's broad transparency. you can look at the lick kwi addition and figure out which will be treated which way. i think it muddied the water in more places. >> it was fanned by the banks themselves as you well know. let's not drink our own kool-aid here. >> i was going to say they're still making the sausage. >> peter, i told you not to talk that way. >> okay, thank you gentleman for joining us today. >> shouldn't words like that. remember that scene from the brady bunch? it's no secret that amazon is taking customers away from stores like best buy and radio shack. >> plus, could more jobs be bad for the economy? if they aren't the right kind, the answer may be yes. any way y. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, se

and that was essentially what a lot of dodd-frank tries to do. and so to take the example of too big to fail, and going back to the question you posed, joe, which is, does the legislation provide a framework where you can deal with the situation like that? in fact it does. so, the entire logic of title 2. the resolution provisions, says as follows. that if there is a firm whose insolvency is going to have consequences for the financial stability of the united states, the determination made by the fdic, the federal reserve, the secretary of the treasury, and the president, and -- so it is -- it's a very deliberative accountable process, and it has an entire mechanism allowing for a variety of different approaches to the firm. using both liquidity measures and other measures to try to contain the problem so it doesn't have the collateral effects we saw in the example of lehman brothers and even going back to ltcm. so that's the way the legislation tries to deal with this issue, and so i would respectfully disagree with joe and his assertion that do

we repeal dodd-frank is what we do.nother -- there was another time when they passed sarbanes oxley. it cost with the regulation. that is when the conservatives were in charge. when we get rid of dodd-frank, we get rid of sarbanes oxley as well. i am convinced that we're living at a time when an era is ending. this is significant. it can be depressed at times when you look at will with -- what happened in washington. get close -- you come close to victories. washington is responding to slowly. the end of an error provides an opportunity and i think recently about what error are we talking about? i would say first of in the last 100 years, what about 1913? that was the beginning of an era. that was the beginning of a time when they said, with the incom

that's that dodd-frank bill.that bill, they gave more power to the federal reserve and they created a board of consumer financial protection bureau to protect all the consumers. they were given a task here a couple months ago. it was designed to make things more efficient. that's why this story will tell you why efficiency is not the answer to our problems. we don't want more efficient government, we want to get the government out of the business that they not suppose to be doing. this new consumer financial protection board was given a task to simplifying the applications for a mortgage loan because it's complex and now they're more complex because they have a bubble and they don't know where the bubble came from. it was probably because they didn't fill out enough forms. they said what we need to do is simplify these forms. they went to work and they came with the solution. they proud the solution. it was 1000 pages long on how to reduce two forms to one form. all of these new regulations placed on everybody wh

you know in dodd-frank there is a clawback provision for listed companies. but clawbacks means once you've earned a big bonus, someone can come and get it. that's not quite enough to discourage risky behavior because if i don't have $5 million and i can put it in my pocket and hope for the best, you know, that doesn't solve the problem. i think that the real problem is short-termism. a huge emphasis and excessive emphasis on speed. i think the culture of wall street needs to change. and i disagree, i don't think dodd-frank has solved the problem of too big to fail. i think that when you talk to practitioners in the area they say, well, you know if this institution goes down, it has a living will. we will do this, we will do that. the problem is it is never one institution at a time. so you have to address the recompense issue. and you can do that one much two ways. you can put a he will seeing on it. you can say it is just a, you know, for example, 100% of base or you can tax it so that people can't earn outrageous amounts of money in short pareds of time. >

. >> dodd-frank was a factor in that it raised regulatory costs and with that, it makes it more attractive for banks to combine and increase their revenue base to offset the higher fixed cost increase. >> reporter: but the merger wave many predicted dodd-frank's banking reforms would set in motion has been slow to develop. falling interest rates on loans is one reason why. >> they don't want to sell out now, because their earnings power is depressed and they know when rates rise, the earnings power will improve and with that their takeout bid will also improve. so nobody wants to sell out at the bottom if they don't have to. >> reporter: when interest rates do go up, bank earnings and mergers may soon follow. darren gersh, "n.b.r.," washington. >> susie: good news for regional bankers like hudson city, the federal reserve today, said it is considering delaying stress tests for medium sized banks, under the dodd-frank reforms, banks with between $10 billion and $50 billion in assets will have to start conducting those tests in the fall of next year, but the fed says it has received comments

would you like the repeal dodd/frank?is amazing to me half of the rules in dodd/frank are still being written and it has been several years at this point. >> i never voted for tonight first place. i would like to repeal it and replace it with better -- better regulatory system that's clean, transparent and price scoffry and does not put the government in the way of adding more and moral hazards to the marketplace. i think that's what dodd/frank will do. consolidate the system to very large interconnected firms that have political connections and makes it harder for those smaller firms to actually compete and survive and i also worry about the standardization of credit. it is our small community banks that give the credit for most of our manufacturers and our builders and entrepreneurs in wisconsin and with the inability to customize credit to those people, it is going to be harder for them to get customized credit to the small businesses, entrepreneurs, engines, economic growth, and so, yes, i want to replace dodd/frank b

republicans did fight against dodd-frank. they phrased it as big government, creating another government agency. congressman, like barney frank, would say the banks had messed up, they needed a new regulatory system. still see that tanner in congress as republicans try to chip away at dodd-frank. host: take as back to when dodd- frank was still being formed. we have not hit the four-year anniversary of t.a.r.p., but president bush was still in office when things got started. what led to some of those decisions? guest: there are a lot of misconceptions, but it was a republican president and republican treasury secretary, but it did receive support from the democrats. at the time, they were doing a lot of case by case bailouts of bear stearns, a.i.g., but they did not have the tools -- they argued -- to do a large-scale rescue. the economy was in a scary time. every sunday night we were getting calls from treasury of some other crisis happening. paulson help that what he needed was larger 42 rescue the economy. that is how t.a.r

>> we're struggling to deal with all the rules coming out from dodd-frank. it requires 330 rules and there's only a hundred out so far. no doubt on what we're seing that it will gum up the banking system. it is not going to be good for banking. it's not going to be good for us doing our primary job which is to help create jobs in the community. so we're braced for an onslaught of additional regulations because of dodd-frank. we hope that it can be mitigated at some point in the future, but at the time being it's a constraint on bank lending and growing the economy. >> susie: good luck to you mr. king. kelly king, ceo of bb & t. >> tom: tomorrow our regional banking coverage continues. we focus on credit unions. these financial institutions are seeing a surge in customers, by targeting niche markets that many bigger banks overlook. >> tom: u.s. stock indices fell for the fourth consecutive session as central banks here and in europe wait and see before taking any new action to help their economies. the s&p 500 sent the entire session in the red, hitting its l

it was a provision that was included in the dodd-frank bill.it was included in an amendment that senator lugar and i worked on. i want to thank senator lugar for his incredible leadership on this issue, transparency, as well as so many issues that affect the security of not only america but global security. this was a provision that we had worked on to provide transparency in countries in transition. it provided a visible sign of u.s. leadership that we were going to do everything we could to improve good governance around the world, that we understand that for the stability of america, that we needed countries that had good governance. the united states spends more than any other country in the world on our national security budget. in fact, we spend more than the -- most of the other worlds combined spend on national defense. we have the ability to use our military for our national defense but it's much better if we can develop stable countries around the world. the way to develop stable countries is to help build a stable economy, to help bu

politicians said we know what to do, dodd and franks wrote more rules so make sure it never happens againote and wrote. hundreds of pages. they say this will create a new financial system. >> one that is innovative and competitive and far less prone to panic and collapse. >> why is that a good thing? >> an agency dedicated to make sure that financial products like mortgages, credit cards have simple contracts that are easy to understand. >> john: dodd-frank simple? did you read it? >> absolutely. >> john: did you understand it? >> yes. all these pages. >> yes, i've stayed up and read that thing. running a bank is complicated. >> john: but they had to follow thousands of pages of complex rules even before dodd-frank. >> if you want to open a bank you have to go through this. >> a former bank regulator. >> most people have trouble recommending the ten commandments let alone 10,000 pages have something. >> he used to work in the cayman islands. does it sound familiar. >> you've got assets hidden there. >> we're not going to beat barack obama with some guy that has cayman island accounts. >>

spending too much time i'm dodd-frank to keep up with what should you do already? >> i believe we've identified enhancements we could've made to the futures industry six months ago. so the changes before us now are changes we could've implemented months months ago >> thank you. let me ask trustee kids. you provided recommendations for regulatory and other reforms that night over the future. what would you say is the single most important legislative change that should take place based upon your experience with ms global? >> i think the one that had the most material effect would have been consideration of the creation of a modest investor protection fund. something that they come at the number questions rediscovered, unlike securities customers, average account here was less than $100,000, so it's a modest amount of money, up to $100 would have been the shortfalls would've been $20,000 per account would have permitted saturday seamless restitution to these ustomers early on. whether the cost of that or so on, but i think that recommendation are some family that wou

just because this is such a this is the second anniversary, this weekend of the passage of dodd-frank the financial regulation bill. and we'll talk a little bit about you know how wall street feels about these regulations. whether they make sense or not. whether there's overreach but as a member of the administration that helped push them and pass them and is now in the very very complicated process of trying to get them up and running just give us a sense please of where we stand with dodd-frank at this moment in time. >> sure joe. i the bottom line in my view is that very well first of all dodd-frank includes some essential reforms for the financial system that were t in place. you all remember where we were in the fall of 2008 with the financial system at the ink about. needed to strengthen the financial institutions. we needed to reform our regulatory structure. we needed to put in place reforms to improve some of the shad dough banking system and how it works. bring the derivatives market into the light of day. it's overall you know those, the basic contours of what the financial

they want dodd frank being whittled down tremendously. it would be sort of a slowness in the implementation. maybe a reinterpretation of the rules, including the volcker rules which prevents proprietary trading that is trading with their own money, with their own capital. that's what they are expecting from the romney administration, if the republicans take all three, house, senate -- keep the house, take the senate, take the presidency. a lot of people are saying there's a good shot this could be a complete rewrite of dodd frank. that's their sort of hope. you know, a lot of things could happen between now and then. romney is nominally ahead in some polls. obviously the president is the president. he still has the edge here. that's what they are counting on if there's a romney presidency. we should point out if there is a romney presidency, what does paul ryan mean in the debate about financial reform? remember, this guy is very good with numbers but not just financial reform, but the whole notion of breaking up the banks. i told you guy

with dodd- frank. basically, the opposite of that. we want transparency. we want people to have an attachment to risk. and if you take the risks the american people are not part of the losses in this equation. [applause] >> question about the recall. do think governor scott walker will be recalled? >> i do not think he will be recalled. [applause] -- weeks away, it is an avalanche, into our state. you are sort of familiar with these issues in california, right? [laughter] the way that we see this is, this is a national trend- setting election. courage is on the ballot. what scott did it is that he basically said that public employees need to pay something for their help and retirement benefits like everyone else in the private sector. [applause] it is not a crazy notion. the other thing, what people do not realize from out of state is that these reforms are working really well. they are reforming our schools. no more seniority. you can actually reform our schools to make sure that we get the best teach

that's the by-product of dodd-frank legislation. i think going forward, scott, you have to understand when the markets get in that chaotic type of environment, the liquidity is not going to be there as it's been in years past. you can see more of these mini flash crashes. >> okay, kate thanks so much. >>> up next, we're bringing our best coal mining trades to the surface. when we come back. tdd#: 1-800-345-2550 you should've seen me today. tdd#: 1-800-345-2550 when the spx crossed above its 50 day moving average, tdd#: 1-800-345-2550 i saw the trend. tdd#: 1-800-345-2550 it looked really strong. tdd#: 1-800-345-2550 and i jumped right on it. tdd#: 1-800-345-2550 since i've switched to charles schwab... tdd#: 1-800-345-2550 ...i've been finding opportunities like this tdd#: 1-800-345-2550 a lot more easily. tdd#: 1-800-345-2550 like today, tdd#: 1-800-345-2550 i was using their streetsmart edge trading platform tdd#: 1-800-345-2550 and i saw a double bottom form. tdd#: 1-800-345-2550 so i called one of their trading specialists tdd#:

so these are incredibly important and when it comes to swaps part of dodd frank was supposed to be moving over the counter swaps to regulated exchanges so that they are at these dark opaque deals and it's taking what seems like forever regulators just recently decided on what the definition of a swap is now our guest has been involved in all s. aspects of credit trading so i want to ask him how significant would it be to restoring faith in the financial system and reigning in massive risk taking if this transition occurred or had occurred much earlier let's bring back peter chair founder of t.f. market advisors and i'm really glad to have you want today because this conversation is going on up on the hill about swaps in the wake of p.s.g. and m.s.g. you've been involved in all aspects of credit trading so how significant is it that these swaps aren't get on exchanges as dodd frank wanted them to be presumably. i think it's been a pretty big failure i think the most recent example of this was the world trade as well so in the j.p. morgan trade it was very large had it been on an exchange i

. >> eric: here is -- >> bob: if they stopped dodd frank -- >> eric: they didn't stop dodd-frank.his is what happens. all the s.e.c., people in charge of looking at the goldman sachs and banks and people on wall street, the lawyers at the s.e.c. are supposed to call out when they do something wrong. no they work for goldman soon. they don't do anything. it's the other way. if you are going to be a regulator, you are never going to -- >> but they are already a goldman sachs alumni. the former head of the s.e.c., mary schapiro resigned from the s.e.c. she came from goldman sachs. how is she going to possibly regulate on what she left an likely going back to? >> bob: you put your finger on it. senator levin and tom coburn, enough evidence up there -- prima fascia evidence they broke the law. for some reason the justice department doesn't want to do it. why? you are exactly right. the securities and exchange commission are loaded with goldman people or want to be goldman people. >> eric: if they nail goldman or morgan stanley or ubs they know that job is not going to be -- >> bob: is

this put pressure on the fcc, dodd-frank, and they have come in and done more regulations, but it's not clear that will really fix a thing. and the government charged very low fees for this thing. we could have gotten up to $8 billion in fees and instead we collected like $1.2 billion. so very little fees for all of the insurance that we basically gave away to these money market funds, and these things were churning out money until they got in trouble. so it's questionable if they should be giving a subsidized guarantee to them. >> john, thank you so much. up next, do you think all americans should get a tax increase? that's what former obama administration advisor jared bernstein things. and later the bad economy is wagging the dog and the cat. tough times in america are tougher times from fido and mittens. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. >>> welcome back, one former member of th

i agree with the club -- the critique that the dodd-frank bill was profoundly wrong. it makes the big banks bigger which is the wrong direction to go in. we ought to encourage local community banks, credit unions, situations where local people put their money together to form local blacks in order to prop of the local economy, you're not going to get these jobs -- banks to pay attention to small town america but you could find enough capital in small banks to have this country launch a new generation of economic opportunity. tavis: you raised the issue of poverty and i want to come back and ask about poverty. sitting here tonight, we are days away from the u.s. census bureau releasing the official government numbers about poverty. we expect the numbers in september. we talk about poverty in america and how democracy-threatening it was. let me go back to paul ryan. you of course are not catholic along with your wife and when mr. ryan put out his budget, catholic bishops came out and said it was not in keeping with the teacher that mr. ryan had been raised on. now. mr.

spending too much time i'm dodd-frank to keep up with what should you do already? >> i believe we've identified enhancements we could've made to the futures industry six months ago. so the changes before us now are changes we could've implemented months months ago. >> thank you. let me ask trustee kids. you provided recommendations for regulatory and other reforms that night over the future. what would you say is the single most important legislative change that should take place based upon your experience with ms global? >> i think the one that had the most material effect would have been consideration of the creation of a modest investor protection fund. something that they come at the number questions rediscovered, unlike securities customers, average account here was less than $100,000, so it's a modest amount of money, up to $100 would have been the shortfalls would've been $20,000 per account would have permitted saturday seamless restitution to these customers early on. whether the cost of that or so on, but i think that recommendation are some family that w

dodd-frank was supposed to prevent some of that from happening.ou say it is happening anyway. >> history is any guide for the future we've had 30 plus recessions since the mid 1800s's. we'll have another one. we don't need more regulation. we need political will. tracy: right. >> i think that is the really the biggest issue. as it relates to the basal, banks will be forced to hold more capital and that will affect probably the amount of lending that takes pleas going forward. it will potentially bring down the level of lending that is possible. tracy: but it is about interest rates, isn't it? it doesn't really make business sense for you to make a 30-year loan with rates this low. why would you take that risk, when rates inevitably in 30 years, got to be up higher? >> well, the reality of it is, it is about your options. so a bank has the option of putting their money into a loan that does have potential risk down the road, or putting it into a fixed income security that is carrying a much lower current return. so, there is, there is a great deal

there was a provision in dodd/frank that would allow you to dismantle the failing banks.o get rid of that. he says that, in fact, make it more likely we'll bail out banks in the future. >> one thing wall street is aware of, in the ryan budget, look at flat tax proposals and medicare proposal, that's a lot of money off the table. when he talked about removing all those deductions, those deductions were put in place so rich people can keep their money. >> right. >> i think there is some ease without knowing the full scoring of that budget, how long it would play out. where you're taking money that people invest off the table and to cover those medicare costs, you're becauasically presuming people are going to take put of 401(k), out of savings. >> it's an austerity element. his budget might be described as >> as we talk about mitt romney being an empty vessel, and there has been a suggest that if paul ryan is his vp, he will play a very substantial and very influential role in terms of crafting fiscal policy and clearly has some very real ideas about it. >> yeah, look, the

because not all of the rules for dodd-frank have been written. so you can go online.nitor the rule-writing process and implementation process. adam: 2,000 pages. congress had an opportunity with i think it was senator brown and i, brown-kaufman, both liberal democrats. but their bill would have broken apart the banks. and senator shelby, actually was in favor of this. there were republicans. >> now he is not. adam: but they were. but they were. where was the leadership on behalf, the administration saying let's do? what barofsky, former inspector general of tarp, president, everyone, republicans and democrats are in pocket of wall street? >> something tara and i will agree on, politicians shouldn't decide who fails and who succeeds. it should be the market itself. if banks are doing something badly they should be allowed to fail. they shouldn't be supported by politicians many of whom have a direct interest in the banks succeeding. sometimes a monetary interest by the way. adam: i appreciate both of you coming on. i have to end. hopefully at the end we get spare chang

you might have a repatriation, changes to dodd franks.o the banks do well there, but thing people are going to look at obama care being repealed, medicare being changed. medicaid being overturned, and in that scenario, health care stocks, which i think people would think a romney/ryan ticket would be good for actually add as lot more volatility than it does today. >> do you have a view if romney/ryan, do they get the independent vote? do you have any thoughts there? >> it all depends on how well either side defines ryan. you know, congressman ryan well known inside the beltway, well known on cnbc, but the average american does not know him yet. to the extent that the republicans can identify him as a man with good ideas who can sell these programs in a wonky way, i think they can get the independent vote. but if democrats are able to identified them as an ideal log, that it's another sarah palin pick, someone that wants to take away your entitlement benefits, then i think they ee goal away from ticket in droves. >> but this is not a sarah

those are the areas affected by dodd-frank financial reform, and the corn suerm financial protection bureau that came out of it. it's just a small part of their business, but eagle says compliance has been an expense. they've had to double the size of their compliance and accounting department. >> i'm not going to editorialize. but other than adding people to work for you, it's not helping jock creation. >> >> eagle has come out of the financial ciegz unskailgted. banks in florida, michigan, illinois and arizona have been hard hit, and are still strupgling to recover. the >> the pendulum has swung, and there's pressure to raise more capital and comply with the rules that it makes it difficult to go about daily business. >> no estimate on how much the new rules are affecting small banks. but banking experts say it's having an impact on their bottom lines. reuben ramirez, nbr, bethesda, maryland. >> tom: four years since the taxpayer bailed out the banking industry. billions of dollars are paid back, and the tarp bailout remains a flash point over financial reform in politics. we have

we were supposed to overcome these problems with wall street with my client with the dodd/frank bill. said that accomplish what it was supposed to do will? >> it makes incest legal. >> [laughter] and thank you very much. >> and time to spare. >> you should take that on the road. it was like what bill. [applause] citic day think he helped the defense? >> we will make the best case we can in summation. >> mr. moore? >> i want to take this to the jury right now. >> really? >> no. just joking. [laughter] buy call the honorable steve forbes. [applause] >> mr. "forbes." please be seated. i have a copy of how capitalism will save us by steve forbes. please put your hand up. do you swear to tell the truth, the whole truth, and nothing but the truth, so help you my best book. [laughter] >> i have another book coming. >> you own a ought to? does that make you enable%? >> a person that other people would like to me. [laughter] as my father liked to say money does not buy happiness, but it helps. do you think getting rich is a noble pursuit? >> real entrepreneurs get to rich by providing needs an

dodd frank did a couple of good things it strengthene strengthened-- tougher capital requirements, tougher liquidity requirements. they can't borrow all that short-term money. >> rose: an you're in favor of both of those things. >> yes, they are good things. living wills, doesn't get a lot of attention but this provision that all these financial institutions have to device a plan for their failure and it has to be a plan that does not involve government assistance. they have to have a plan for failing themselves, for filing for bankruptcy and not requiring government assistance. they have to file these with us. we have to approve them. we have to say if they are credible or not. this going to be a lot of work. these are big complex companies with sub s si-- subsidiaries all over the globe. this is forcing them to look at their structures, clean them up, make themselves less complex and make themselves essentially resolvable. and the goal here is that for any one of these firms, if they get into trouble, a policymaker is willing to say yes, unassisted bankruptcy is the path. we don't need t