level iirness at one take your point that it is much easier to see these things with 20-20 hindsight. it is much easier to sit on the outside and write op-ed's about the bold steps that should be taken that it is to undertake them on the inside so that is completely fair and i do not .hink anyone should be faulted everybody did the best they could and the country in both administrations was very well served. by the people who had positions of responsibility. that said, you said no one in june could have realized how serious it is. i refer you to my op-ed's and of others of plenty people who were saying that the system was undercapitalized at that time. nobody had to go up to the hill to cap institutions on the shoulder and say that their regulators were greatly concerned about their situation. that there regulators would call on them to suspend dividends if they did not take steps to raise capital. no authority on the had -- on the hill -- think he was doing a lot of things, shoring up the system and between hank and bob steele and others saying you need to raise more capital. those a