andrew donohue is with us now. he's the director of investment management at the securities and exchange commission. andrew nice to see you. welcome to the program. is the agency prepared for these perhaps thousands of new registrants? i think we're very capable of handling any mission were given. these advisers were and irs men would be 1000 or 2000 additional advisers for us to handle. we currently handled 11,000 plus investment advisers. and i don't mean to diminish the challenges we would wind up having but the investment advisers at the administration had suggested that we have responsibility for clearly in my view at the few of the commission should be with the regulations. but take a look at a list of these. hedge fund advisers, private equities advisers, venture capital, and it was a couple years ago that the sec tried to regulate the hedge fund in a court of appeals threw it out calling it and arbitrary rule. what's different this time around? well a couple things. one i think with respect to our goal i th

in fact we didn't go back and see if there are ways to strengthen it. >> before joining the feds, donohue chaired the global risk oversight committee at merrill lynch. online you can see our conversation about what he thinks about how risk was managed by the pros. >>> from foreclosures to skyrocketing energy prices, why the american dream is quickly turning into a nightmare. on our website see what it's going to take to keep that dream alive. plus why small businesses still have yet to see stimulus money. why they're not optimistic it would even help. and the analysts expect gasoline prices to remain steady for the rest of the year. you can find these stories on our website, firstbusinessx.com. and straight ahead on the show, part two of sustaining the american dream in the midst of foreclosures and job losses. that's coming up after the break. >> the american dream has turned into a nightmare for many homeowners and their communities much the housing building boom has turned into bust with rising foreclosures and unemployment rates pressuring home values. john wasik wrote the cul-de-sac

>> oh yes, jed donohue what is the editor at crown forum and i have known jed for a very long time. we had-- he was the third editor i had at crown forum. not because he couldn't get along with me but because they left the company for other jobs and other companies, as you i am sure are aware there is enormous amount of turbulence in the book industry. i am just delighted that jed has been there for several years and he has been very patient with me. the problem with this book was that, unlike the five previous books that i have done, where i really broke on the order and just on specification, i decided i would just come in it which is a-- just write everything, so what i wrote, the manuscript was unpublishable because it was too long so the problem was how to get it down to size. it took about, short of three years to read the manuscript and a year to cut it. >> a year to cut it? >> yes. >> and what was that process like? >> it was a very painful process. it was in several steps. my son-in-law is christopher caldwell, who was a very fine writer and journalist, a great editor and h

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