the insurance gianwas on the verge collapse after lehman brotrs went bankrupt. congss appointed a financial isis inquiry commission to find out what happed. as we contin our special series, "lessonsrom lehman," darren gersh spo with phil angelides,he man leading that commission. darr began by asking where angelides planto start examining e implosion that brought down wall stre. thesto start the inquy. have you got a leading cause you're goi to start loong ? >> well, we're going look at some oious starters. we're gointo loo at, for example, the rules of the credit rating agencies. in thisrocess. we're going to look at what happenedn the mortgage market om the creation of these exotic packageso the fraud that hpened at theround vel. we're gog to look at what regulators did o did not do as our nancial system transformednd its risks grew exponentlly. but the one ing i want to say is i thk we have a very important role her because everyone has tir theor about what happened everyone has their ideologil proach to what's the best way to fix this system. buwhat the americ

. >> rose: thiweek marks the one year anniversary of the collse of lehman brotrs and the escalation of e global nancial crisis. president obama marked the day by speaking directly to ll street leaders at federal hall in new york city. the president spoke of progress over the past year andhe pressing need far broad relatory overhaul. eight months later the work of recovery continues. and thoughly never b satisfied while people are out ofork and our nancial system is weakened wean beonfident that the storms othe past two years are beginning to bre. in fact, while the continues to be a need for government involvent to stabilize the financial system, that necessity is wanin unfortunely, already some in the nancial industry who are misreading this moment. stead of learning the lessons of lehmanand the crisis from which we'r still recoveng, they're choosi to igno those lessons. i'm convied they do so not just at their own perilbut at our nation's. so i want everybody heretoear my words. we will t go back to the days of reckless behior and unchecked excess that was at the heart of thiscrisis.

another 300, 400 points that is because lehman was in there on winding and other hedge funds -- lehman brotrss bringing down dominoes. literally you are watching dominoes fall and that hurt so many people. so if lehman had been saved, you could have had a suationhe these assets were sold in a much more orderly and controlled way instead of as crazy and haphazard and irresponsibly sold the way they were. >> how long do you think it will be before the market recovers? >> honest to god, warren buffett doesn't even know the answer to that question. but all i know is -- >> you think like n years? >> it isn't going to be a v shape recovery. a lot of people have beetrying to say it will. it's going to be more like a w. and i could take five years. >> or ten? >> it could. i mean, the s&p 500 in 1972 was eight( ten -- 1982 it was eight, ten. so you have periods where, you know, you have peris of slow to negative growth,. >> if you think, you know, having these board of directors, this is so important yet our 01 u.s. treasurer can't follow the money our government is spending i mean how does it all --