her recent book with joshua rosner on crony capitalism at fannie mae is called "reckless endangerment how outsized ambition, greed and corruption led to economic armageddon." welcome. >> thanks, bill. >> you just heard david stockman say it could happen again. do you think it could happen again? >> it will happen again and the unfortunate fact is we did not fix the problem. the dodd-frank legislation which was supposed to be the fix-it for the enormous crisis that erupted in 2008 failed in so many ways to really address the major issues, the most important being too big to fail, did virtually nothing to cut these big and impossible to manage banks down to size. but there are other elements to the dodd-frank law that i think are also problematic. now we have hundreds of rules being written by the regulators, and although it might make sense that they know what they're doing a little bit more than maybe your, you know, average lawmaker, what it did was it gave the financial services industry two bites at the apple. they can lobby their lawmaker when dodd-frank is being written and now t

by gretchen morgenson, who happens to be a columnist and writer for "the new york times," and joshua rosner. it's entitled "reckless endangerment: how outside ambition, greed and corruption led to economic ar armageddon." and i can tell you, in this book, it points the finger directly at fannie and freddie. and i'd just like to quote one aspect -- one part of it. "because bonuses at fannie mae were largely based on per-share earnings growth, it was paramount to keep privates escalating to guarantee bonus payments. and in 1998, top fannie officials had begun manipulating the company's results by dipping into various profit cookie jars to produce the level of income necessary to generate bonus payments to top management. federal investigators later found that you could predict what fannie's earnings-per-share would be at year's end almost to the penny if you knew the maximum earnings-per-share bonus payout target set by management at the beginning of each year. between 1998 and 2002, actual nerngz the bonus -- earnings in the bonus payout target differed only by a fraction of a cent, the inve