pension fund or frankly anybody well look when you were at the a c c you work with commissioner kara stein and you know you gave the f.c.c. and my agency a hard time when you worked in the senate and thank you for doing so but you were pretty. powerful on talking about protecting investors mom and pop investors do you think that the f.c.c. ultimately even though i got your time by analogy. might look at classifying these leverage and inverse e.t.s. in a different way than just any run of the mill product are they going to let it go yet so i think in some respects the there is a lot of water already under the bridge and i think over the last several years there's been a lot of financial products that have been like go by the agency i think there is actually a renewed interest and i credit chairman clayton and his and his colleagues he's got a full commission to look at these issues and i actually believe they are looking at how they can do their best to protect investors and i think that that's going to be reconsidering some of the water that's already gone under the bridge and saying look

i sent him to kara stein and others at the sec. question and we've gone around with regard to digital currency, et cetera, michelle, whether or not there's enough consumer information, so average mom and pop investors and one of every two families has a stock investor, if they know what they're investing. certainly the sophisticated traders should know and they should know better to place all their eggs in one basket but mom and pop investors needs to know these things are really out there, they are wild you could risk everything, and lose it, and that's where i think the sec needs to move towards and i think they're going to >> what tells you that the people who are investing in these kinds of esoteric products don't understand them? >> it's anecdotal for people i speak with i don't have data telling me but given that markets have been on such a tear for the last whatever, 13 months, a lot of people are looking at different places to diversify and feeling a little free up until friday, they were feeling a little free with their mo