you have to coordinate, there's international harm -- harm minnization, there needs to be a spectrum, and the government needs to be that maker. it's a debatable point, but that's the better argument. the third way is the status quo. you wait for a crisis, and then the government by administrative fiat takes it away from whoever had it to begin with. you know, i'm okay with that other than that's crisis response. it's ineffective and basically leads to years and years of litigation. what incentive options do is create it with the moorgt base. that's what i'm for. >> host: are the broadcasters sitting on underutilized capital? >> guest: well, i think some are and some are not. what's interesting about the debate is the broadcasters continue to say things that assume that all broadcasters are the same, that if we allocate spectrum to any broadcaster, it has to be the same to all broadcasters. we have 25 broadcasters in new york, 32 in language, many others many many other cities. that was done before there was cable, before there was internet. do we really need that many? now, i'm -- i

is something i'm hearing a great deal of concern about in terms of the international harm hair minnization. we sent a letter to our european counterparts when look at what's happening given the importance of our financial industry in a global economy to having international coordination and the need for a holistic understanding of the rules. how are you addressing the different time lines if there's significant differences in the rules themselves? what steps are you taking to avoid regulatory arbitrage, and from a profitable stand point, how do you plan on regulating global financial institutions? particularly in this time of limited resources. to me, this is a very important piece of how we move forward. >> all great questions to which you can have a whole hearing, but first, the president and the heads of 19 other nations came together in september of 2009 and committed to mandatory clearing and the trading, and some of the keys that were in dodd-frank. some nations moved ahead of us. japan as senator roberts mentioned, but japan, canada's ready. we're moving about it. europe is looking