to a vaguely defined resolution authority that encourages more of hazzard and further entrenches mcginnbanks -- mega banks and other institutions of the state. it's important for regulators to monitor their financial system and i identify risks that could endanger the stability and soundness of the system. but it is unwise for congress to place stewardship of the economy in the hands of a super regulator salles to possess super hero powers to spot bubbles and excess debt risk taking before market's crash. given that we have no way of telling whose forecast will be right and was well be wrong. in conclusion i would remind my colleagues of a comment made by the fed chairman on march 28, 2007. quote, at this juncture the impact on the broad economy and financial markets of the problem and so prime markets seems likely to be contained. my colleagues know i have the highest respect for chatman bernanke but in this case he obviously couldn't have been more wrong. this committee must have the courage to reject calls for a new regulatory regime that depends on the infallibility of the governmen

this is a matter of great to mcginn. truth, there was a supreme court decision in the 1800's, i believe, that is consistent with that. and she says, and our panel did, that she was acting consistent with that decision. and the second panel agreed with that. the ninth circuit, however, has seen it differently. they concluded that the second point -- second amendment does apply to the cities and states and counties. so, there's a difference of opinion. i would say first of all, this is a very significant case that will come before the supreme court. just earlier this year, she rendered an opinion that if it were to become law, would eviscerate the second amendment in many parts of this country because a lot of cities are hostile to weapons and guns of any kind and like the district of columbia, are likely to vote with very severe restrictions, if not bands on the right to kep and bear arms. that is what we discussed today. i am sure the nominee will be willing to talk about that in individual meetings. i did not raise that