>> morrill hazards certainly but i think that understates it given the scope of what was going on.oral hazard is a sort of vague thing. this is specific. beginning in march every one first of the investment banking but possibly through the side of banking as we have been referring to it loosely came to the view they would be too big to fail. if you were a larger investment bank how could you not be? >> swain asking is what is your view about the policy of rescuing bear stearns in light of the moral hazard as vague as that might be that it created and clearly fould's remarks suggested that moral hazard was operating here because he expected that his firm would be protected in some way and so probably they didn't take many actions they would otherwise take to protect themselves and many others probably didn't take action with respect to lehman brothers if that were necessary to protect themselves so what is your view of the policy of that? was it a good idea to rescue bear stearns or not? >> well, this is as i said the ultimate bill that can't be unrung. the satisfaction would be to

history has clearly shown that there is not a correlation between the enactment of morrill law and the end of the great financial crisis. and people wealth that would either substitute or supplement existing frameworks. with the goal to stay ahead of crises. realistically, the goal was not stop crises but to mitigate them and have the tools necessary to effectively manage them. so one of the reasons i am here tonight is a line at the right university with the right group of people, the right negative, some of the best minds anywhere for addressing the question, and the world and the country needs your best thinking on this. how do we create a global banking and bigotry structure that constantly enables us to learn and stay ahead of the crises. how do we ensure that there is clarity of principles by which to run the system with continuous updating of the law and regulation and other tools to take into account new products, new ways of doing business and new technology. can we change the approach to evaluate whether this time it is really different or can be even hope to? let me go back